Quote from: Techius on December 16, 2018, 08:24:18 AM

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When I look at Bitcoin from a practical point of view, I don't see $1 trillion worth of goods and services being passed through it. Russia and Australia have an economy of $1 trillion. Their total population can collectively only produce $1 trillion in value. What can Bitcoin do? Not even 1/50th of that.

If you have any "rebuttals", fire away.

Alright, let's put aside the popular notion that market cap means nothing(which may also be true btw) and let's try to speak using your language. You say that Bitcoin's market cap can't be $1 trillion because there are no goods and services worth of $1 trillion being passed through it. Yes, you are right for the time being, but don't forget that Bitcoin is still in its early phase of adoption. You could say the same about Apple 10 years ago when its market cap was $68 billion, and it is around $1 Trillion today. You may argue that Apple produces goods and services while Bitcoin produces nothing. Well, Bitcoin is a payment system some people find convenient to use, so it is a service in a way. Now, think of the situation when only 1% of the world population, at each time step, were using Bitcoin for payments. Since the global market cap is around $100 Trillion, we would have around $1 Trillion for Bitcoin. Considering that the supply of BTC is limited to under 20 million in the foreseeable future, we can expect the price of 1 Bitcoin to be over $50,000 in that case.