Thursday, January 04, 2018

An interesting read on the topic of Bitcoin that I found this morning while eating breakfast.

I generally ignore price predictions. Naming specific numbers that one thinks an item might command on the open market one day is silly. It would be somewhat more honest to just say "this will go up" or "this will go down," but then of course everyone tries to name a specific time frame in which said action will occur, and it's all just as silly all over again.

No one knows the future.

So, in my opinion, you should forget about the price prediction given in this article. The real meat of it, I think, is the demographic data embedded in the piece that the subject's firm has gathered.

That part of the article is more in line with how I think of this technology: not what the price will be at X point in time, but how many people own a piece of it right now versus the total number living humans on earth.

The last time I found reasonably reliable data on individual ownership of Bitcoin, that total worked out to less than one quarter of one percent of all of humanity...

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