I think the “real” value of Bitcoin is a very interesting question.
If Bitcoin is gold you could look at the world wide gold market value and use that as a proxy for the amount of stored wealth is currently required by financial markets outside of fiat currencies.
Right now there is about 10 trillion in gold out there. Bitcoin is worth about .9 trillion. So if you assume that Bitcoin will eventually replace the role of gold it could have 10x left in rapid growth before becoming just an inflation hedge.
Where this could underestimate the value is that gold is tough to buy, store and sell relative to Bitcoin so the people using it as an inflation hedge might expand to the retail level more so then gold. This would increase the market significantly. What would decrease potential is if it can’t defeat gold as the default inflationary hedge or if it has to share that 10 trillion dollar market with Etherium and other coins.
Of course this assumes that these coins don’t replace fiat currency entirely which while possible is more of a moonshot and also likely the end of nation states.
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