Bitcoin is more scarce than millionaires and you're early to the party!
If every millionaire in the world wanted one Bitcoin, it would not be possible.
The 2016 Global Wealth Report estimates there are 32,931,000 millionaires in the world. There are 16,430,425 BTC with 12.5 more every 10 minutes, then 76.25 BTC subsidy in about three years and, then, half of that ... and half until 21 million coins in 2120-ish.
We are not even close to mass adoption. Internet companies, like Netflix, don't even accept Internet's money. Seriously. The most obvious application for "streaming money" does not accept Bitcoin?!? I'd like to see a concerted effort to get them to offer such a service for data-security, but that's a different article.
You can make up your own mind, but I would consider these "cloud-tech" companies early majority adopters.
Great News for Us!
If you're reading this then you're in the crypto space. Congratulations! You are an early adopter to perhaps one of the most fascinating and revolutionary technological advances money has seen. And if Netflix nor Adobe aren't there, yet(!), think of what that means when you look at an S-curve of technological adoption!
We've seen the price go from around $600 to $3000 in one year. It's difficult to know how many new users are in bitcoin, but transaction have gone from only 140M to 240M. Blockchain.info has around 14M wallet users and Coinbase has stated they have 27.5M users. That's nothing! Very few people use Bitcoin, still.
We've seen a rise in adoption and it will happen quickly.
Bubble? Shumbble!
Yes, let's say we are "in a bubble." It may be true, but it has strong technicals and fundamentals. The price will probably fall, but it will be back up there because it's is a superior product to central banking. It's a very powerful feeling to be able to hold and transfer wealth in a publicly accountable way.
The cool thing about Bitcoin is that even though the United States is trying to link it to terrorism, it doesn't matter because it's bigger than the US.
You may think you're late to the party, but I tried to give a friend 7 mBTC (0.007 BTC) and he refused it.
We have a long ways to go until every person is using Bitcoin. Adobe, Netflix and others still don't use it. They still put up with 2% fees, charge-backs and credit swaps. They'll catch on. When they do, there will not be enough for every millionaire in the world to have one entire Bitcoin.
You're early! Congrats!
Stellar post!! 👌 Yes indeed!
Since there will never be more than 21 million bitcoins and if you have say 21 BTC, then you'd be in the top 0.000001% in socio-economic hierarchy if BTC goes mainstream, that is in the 7000 out of a 7 billion population.... ponder that for a while.
Guys, there are literally not enough bitcoins for every millionaire to own an entire bitcoin. That says nothing of all the bitcoins which have been lost forever. I would estimate arount 10% of all bitcoins are lost forever, with that number only increasing over time
Great point!
Before it goes on mass adoption,the "banks" will probably launch big anti BTC campaign.It's only used for illegal purposes and similar stuff.
We will see how will that go..
You are right! We already see that in S. 1241, which the Senate is debating. It makes a person effectively declare their entire net worth in crypto if over $10,000 when crossing US boarder.
@urbanist Great article. Just a small correction though: half of 12.5 BTC is 6.25, not 7.25. Cheers mate!
Thanks! It clarifies it's even more rare than I alluded!
I am glad you came up with this. Welcome. I am upvoting and re-steeming.
Thank you. I really appreciate your positive feedback.
Fantastic post, I'm glad I came across it! Thank you for sharing it @urbanist!
Thank you!
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STOPGreat article
Thinking this when I started looking into crytocurrency. There are more users on facebook and twitter, about 400million and that is only about 15% of the population.
Great comparison!
I think you meant to spell your coined-word "shmubble." Rhymes with stubble, not stumble. Love it, though. Going to steal that term. Bubble Shmubble.