Claims I don’t believe

Via email:

Bitcoin set to be 6th largest global reserve currency in 15 years

Hmm, No 5 or 6 is either the C$ or A$ at present. And C$ M0 money supply (not quite the right comparator but what the heck) is some $77 billion, M4.

There’s only ever going to be 23 million (?) bitcoins, which would have to have about that value in order for the reserve currency bit to be true. C$3,350 per bitcoin?

Naaah.

5 thoughts on “Claims I don’t believe”

  1. That Bitcon will not be the 6th largest global reserve currency in 15 years seems likely
    If your last para’s your reason. though, it doesn’t make sense.
    Look at the history of the old penny. From being a worthwhile coin to, in it’s last, near incarnation, being so valueless (the new halfpenny) it was abandoned. The pound has suffered enormous & continued loss in real value – yet is a reserve currency despite it.
    A currency that continues to increase its purchasing power would be a true reserve currency. Everyone would want to hold it.
    Which is why it won’t be a reserve currency. The entire government money system would collapse in its shadow. They won’t let it.

  2. 21 million.

    Bloke In Spain is right. Bitcoin may or may not one day have a market cap bigger than A$ or C$. If it does, then 1BTC will be worth more than C$3350. There’s nothing intrinsically impossible about the number being that high — after all, gold is worth 1000 USD / oz

  3. I don’t believe Bitcoin is here to stay because of the hype – I believe it because I’ve used it to buy drugs online – and buying drugs online is here to stay (and the efficiency of the online black market is truly awe inspiring).

    So, legalisation of drugs may therefore be Bitcoin’s biggest threat.

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