Bitcoin is interesting because there is a hard cap of how many there can be: (roughly) 21 million. Therefore we can estimate the total value of all Bitcoin possible by simple multiplication: 21 million times Bitcoin price equals the entire ecosystem value.
Not all Bitcoins are yet mined. But let’s assume for now that they are. At a price of $1,000 per coin, there are about $21 billion in total Bitcoin value. At $100,000 per coin, Bitcoin is worth more than all gold. $1 million per coin, and Bitcoin is equal to the United States GDP.
Bitcoin’s current price is $133. It’s been higher, it’s been lower. Buying into Bitcoin now is a bet that it will rise again. That will likely hinge on the ability of the currency to become functional in a number of settings. Can it be integrated?
For now, Bitcoin remains too hard to purchase and use. The main risk with Bitcoin, according to the panel, is governmental regulation leading to the demise of the currency as a whole.
Bitcoin is a topic that most don’t fully grok. That’s because when it comes up, blockchains, bitcoin mining, algorithms and other sorts of words crops up. Don’t worry: Bitcoin is just “programmable currency.” Essentially, think of Bitcoin as a form of currency that is digital, flexible and all but off the grid. Powerful Bitcoin mining hardware are now available and easy to acquire.