Quote:
Originally Posted by RadiantX
Isn't there $62B USD invested in bitcoin? Doubt it's going to disappear anytime soon. Something is only worth what others are willing to pay for it. Apparently there are a lot of people across the globe willing to pay over $3000 for a single BTC. It will be entertaining to see how this all plays out. It could fizzle or become a universal currency - only time will tell!
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That's the market cap, sounds like a significant figure, but it's not entirely accurate, especially for smaller currencies. It's simply the supply (number of coins) multiplied by the average price (which is basically the very top of the order book on exchanges). You wouldn't be able to sell the entire supply of 16 million BTC for $4000 each, nor can you assume that people have paid $4000 each for each of those 16m BTC.