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In ten years the thought of any individual person owning an “entire” Bitcoin will be unfathomable; today’s price of $57,000 is nothing.
We are in the middle of a financial system renaissance and I would argue that even us crypto “believers” have no idea what is at hand.
If you can afford to buy a “Bitcoin” now do before it is too late. In 10 years a single Bitcoin will be the equivalent of the Empire State Building. Read on to understand what I mean.
In November of 2020 there was a dramatic event that took place — institutional money finally bought BTC. While it was in the news and the crypto-world talked about it, it was truly ground breaking. Wall Street was in. Even Mass Mutual an insurance company took a position. These buys were in the mid $20Ks establishing a new base.
In Q1 of 2021 there was further buying of billions of dollars of Bitcoin in the mid $40Ks by the world’s largest investors and financial institutions. Another new support level. What is important to note is these investors don’t sell off the second the market is down 10 points. They are the ultimate Hodlers. The BTC floor price is now 10 feet deep of solid concrete.
Next you have GBTC and multiple other ETF like financial vehicles and others opening up every day — billions of dollars more of new investors are exposed to BTC. Now everyone with that 401(k) or IRA can partake.
Coinbase is going public next week at possibly the highest valuation of any IPO in American History. Coinbase will have a higher value than the traditional “Wall Street” firms and banks.
Yet, it is estimated that only 1.3% of the world’s population owns any amount of Bitcoin. It has only just begun. Bitcoin is only now just reaching launch speed.
As Bitcoin matures into a “Asset Class” such as gold, bonds, real estate, equities, commodities the estimates of value on par is in the millions. Just this week Bloomberg estimate the price of Bitcoin could reach $400,000 by year’s end. Not some computer geek in a cave — Bloomberg.
If you are looking for more insight from a real expert I would encourage you to read Layered Money by Nik Bhatia. He summarizes the history of the financial system from the days of Roman Coins to the Cryptocurrency Revolution in just 166 pages. He perfectly articulates where we are now and where we are going. One of the best books I have ever read on the subject.
Finally for some perspective on the scarcity of Bitcoin. There are 7.6 Billion people on this planet. There are 21 Million Bitcoins*. That means there is only enough whole Bitcoin for 0.27% of the world’s population. One THIRD of ONE PERCENT.
If you were to take the total supply by fractions, each person on this plant would be allocated 276,315 Satoshi ($160 worth at today’s exchange rate). A Satoshi is a fraction of a Bitcoin. There are 100,000,000 Satoshi to a Bitcoin as there are 100 Cents to the U$D. Often referred to as “Sats”. In 5 years no one will ever say “How many Bitcoins do you have?”, they will say, “How many Sats do you have?” The fact that you can still buy an entire Bitcoin for $57,000 is frankly remarkable.
Go buy that Digital Empire State Building before it is too late.
*The Bitcoin monetary supply will reach 21M in 2140, currently there are 18.5M in circulation.-
-written by Chris Terry
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