A price of $252,000 in era 0 (50 BTC/block) would have caused the Bitcoin network to attempt to consume about 30% of all the electrical power produced on the planet.
... So, in order to keep the Bitcoin network from attempting to consume more than 1% of all the power produced we should all hope that the price does not reach that level until at least era 5 - about 2029 or so.
It's new (for me, at least ... So, in order to keep the Bitcoin network from attempting to consume more than 1% of all the power produced we should all hope that the price does not reach that level until at least era 5 - about 2029 or so.
) and important consideration. However, I can't see how cost of power could set any limit to the bitcoin price.Say, cost of all world electrical power is 1 zillion USD. And cost of all yearly mined coins is ten times more of it: 10 zillions USD. Does it mean that price of bitcoin will fall tenfold? No. It means that price of power will grow tenfold. And most of this power will be used for mining. There is no limits.
What's more, I can't even see why should we want such limits. The goal of prices is to indicate the best use of resources. If we ignore such indicator, we are misallocating resources, using them not in the best way possible. Why should we want it?