Okay ► a single ◄ Bitcoin is worth USD $16 880.00 odd - as of today ►►
Here
If that is the width of the market, how deep is it? i.e. how many bitcoins are there, and thus what is the bitcoin "capitalisation"?
Some estimates are already that it is a high fraction of the USA's GDP! "It's market cap will eclipse the US economy in a few years..."! ►
Here
Anyone know?
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I understand the value of pure money to be its value for transactions, precautionary and speculation. [Keynes]
Any asset that isn't valued on it's consistent income earning potential, matched over rigid time intervals, can freely bubble, without comparable "pricing grapples" into other priced, (risk assessed) assets.
The price? Could be anything? Anything you can convince a buyer to pay.
There is no objective secondary market.
This so in that altho' the last 3000 bitcoins say, may well have traded at US $16 880, there is NOT enough liquidity M1(?) on the planet to redeem ALL the bitcoins, in a rush on the bitcoin.
Bitcoin pitched initially as a transactions (trade internationally) & precautionary (without government insight, (at the expense of oversight)) money, it now has no value other than its speculative worth.
So already bitcoin lacks all "fundamental value".
That speculation must now be "That I can redeem my bitcoin, before the stampede..." It is a stochastic gauged on time.
Can I redeem my bitcoins in 10 seconds?
Surely there is nothing else?
