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RRE Blog

5 thoughts on Bitcoin $1,000

Jason Black

1. Bitcoin is now equivalent to 1% of the U.S. money supply (M0).* If Bitcoin triples from here, it will be worth more than Canada's currency, and will be the 8th largest currency in the world. If Bitcoin increases 10x from here, it will be the fifth biggest currency, surpassed only by the euro, dollar, yen, and yuan.**

2. Before Bitcoin, all financial innovation, including services like Visa, PayPal, and Stripe, happened on top of a complex, decades-old payments stack.  Bitcoin is the first viable financial technology that is not part of that stack.  It is the first layer of a new stack.  Or the second, if you count the Internet.

3. Most people don't know how Bitcoin really works, and never will. There's a lot to it. But most people don't know how the Internet really works, either.

4. By standing outside of our current monetary system, Bitcoin has let us look back at our economy from a fresh vantage point. I better understand basic conepts like money, bubbles, inflation and deflation as a result of Bitcoin, as I suspect others do.  That by itself is a big deal.  Bitcoin should be taught in schools.  "Satoshi Nakamoto" could win a Nobel some day.

5. No one knows what will happen to Bitcoin next.

* $1,000 USD/BTC * 12,000,000 BTC in circulation = $12B which is 1% of the $1.2T of M0

* The rankings vary based on the time frame, mining rate, and the value of the fiat currencies