Re: if 1% of the worlds richest people decided to keep 1% of their net worth in BTC.
Ummmm.....
So you think.....
But that's not how....
Oh nevermind....
let's just hope you aren't being serious
So you think.....
But that's not how....
Oh nevermind....
let's just hope you aren't being serious
not saying it would happen.
All I am saying is if it did happen, that is what the number would be.
I own gold and silver to diversify, and this year decided to allocate a full 3% of my net worth to BTC as an insurance because I like the concept of the mobility and non confiscation.
I am sure there are others who think the same way I do, so in a way, yes I am being serious. It's very unlikely, but if it were to happen, that is the number, since I have always wondered what would happen if bitcoin really become a store of value like that.
you can take my numbers a step further: assume only 10% of the worlds top 1% decided to keep 1% of their net worth in BTC. The number is still $9 269 per coin.
jasonjm, I think what Queezy is getting at is that your logic wasn't exactly right.
What you are trying to say, I think, is that if the "market cap" of bitcoin was equal to 1% of the net worth of the top 1%, then each bitcoin would be worth approximately $92,964.
If the top 1% did as you say and actually moved 1% of their wealth into bitcoin, the price of the last bitcoin bought with all that money would probably be vastly greater than $92,964. Think about what would happen if trillions of dollars were dumped onto BitStamp!! So your estimate was conservative
