Owning 1 Bitcoin will soon be out of reach for 99.9% of the world!
Owning 1 Bitcoin will soon be out of reach for 99.9% of the world!

By Writerblock | FairMoney | 5 Apr 2020


Only 5% of Americans own Bitcoin.

A recent survey conducted by the Global Blockchain Council was taken by 5000 Americans and found that only 5% own Bitcoin. Extrapolating that number to the whole United States means that only 16 million people have some Bitcoin.

After the halving owning 1 Bitcoin will be out of reach for the other 95%.

When Bitcoin passes the halving event in May, the price will go significantly higher, making the purchase of a single Bitcoin a 6 digit transaction.

351665157-ec50d5d67b1d022579dedcbf0c2d1b593ff780f672552a70f1f7cfe233cb59b5.png

Figure: Stock to Flow Model.

If history repeats itself or at least rimes, the halving event will cause the price of Bitcoin to tenfold and we will most likely see a $100,000+ USD Bitcoin in the months to follow.

Inside a billionaire's mind.

Tim Draper, a billionaire investor, and cryptocurrency entrepreneur sees Bitcoin going way past the 100k USD mark, with an astonishing 250k USD price target. Tim, who entered the cryptocurrency market in2014, when Bitcoin was worth $600 USD, estimates that the price of 1 Bitcoin will reach $250,000 USD by 2022 or 2023.

One of Tim Draper's arguments was the unique ability to enter the Bitcoin market 24/7/365, something not possible with any other investment category.

Another argument is that women have yet to embrace Bitcoin, as well as business people. This is a new wave of investors that will push the price up significantly. Arguing that women do 75% of all the shopping and only 6% of Bitcoin wallets are held by women, there is room for growth. Once the ladies realize they waste 3% of their money each time they swipe their credit card, they will make the transition to Bitcoin. Vendors will then also realize they're spending way too much on fees to process those payments.

Tim Draper paid $19 million USD for nearly 30,000 bitcoins on June 27, 2014. The Bitcoins were seized by US Marshals and auctioned to the public. On September 23, 2014, he predicted that 1 Bitcoin would reach as high as $10,000 USD within three years, which it crossed on November 29, 2017.

Tim Draper's investments are centered around companies that use artificial intelligence, Bitcoin, blockchain and smart contracts.

Bitcoin rich list.

351665157-54d6a9fb49488ccc1cd63e0cf7b8cd4f9bc2f05c359b73059b0ceba92dcbdd0f.png

Figure: Bitcoin wallets.

As clearly illustrated above, only 647355 of the world's people own 1 Bitcoin.

There also an extra of 137605 + 13927 + 2018 + 108 + 3 or 153661 people with a balance higher than 1 Bitcoin. So this 1 Bitcoin club has only 801016 members, making it an elite club. Now, where are we going with all this?

Well, if you take into account that there are only 46.8 million millionaires, there's a painful reality that there's only about 0.39 Bitcoin in circulating for each one of them (using a 18,306,587 circulating supply of BTC). 84% of them have a college degree, and they're likely to learn about Bitcoin before poor people do. As most made their wealth themselves by "being smart", not by inheritance, guess who's going to have some Bitcoin.

351665157-292e37a165925cebb6cec1035c985a1655eef7e80c695686c73208c73bff4697.png

Figure: Millionaires data.

Are you one of them?

Conclusion:

If you decide it is time to own some Bitcoin, realize that the time window for acquiring 1 BTC is closing fast.

 


Writerblock
Writerblock

I love writing about cryptocurrencies and movies.


FairMoney
FairMoney

In this blog, I address the challenges to our current monetary system, money and the transition to digital money like cryptocurrencies and stable(-fiat)coins.

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