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Definition of Bitcoin
Bitcoin is a digital currency created for use in peer-to-peer online transactions Introduced in 2008 by a person or group using the name Satoshi Nakamoto. Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank.
The current market value of bitcoin has approached US$210 billion, which equals the global supply of Russian rubles.
If it has successfully surpassed the Russian ruble, the next target of bitcoin should be the Indian Rupee. According to the statistics by the self-media “I Love Bitcoin”,
The current circulation of the Indian Rupee is US$400 billion, and bitcoin must be doubled to surpass it. Similarly, bitcoin cannot have a chance to surpass Swiss francs worth US$600 billion unless it has realized alternative growth. If made it, then its next goal would be British pounds and silver.
At present, the market value of the British pound is US$700 billion and the global supply of silver is US$800 billion.
At this level, bitcoin will leap to become the world’s sixth largest currency. The price of one bitcoin will reach US$50,000.
If it continues to march forward, it will reach the level of the US dollar (US$3.3 trillion) and the euro (US$3.6 trillion). Bitcoin needs new momentum to push up its prices. It’s the same principle for it to catch up with China (US$4.6 trillion) and Japan (US$4.9 trillion), but the difficulty will also increase correspondingly.
If aforesaid goals have been successfully achieved, then bitcoin will focus on gold —- the world’s largest base currency. The current value of gold is about US$8.4 trillion.
Sounds impossible. However, if the “halving effect” reduces the bitcoin supply according to the stock circulation model, the market value of bitcoin may reach US$100 trillion in 2028. It means only 9 years for bitcoin to surpass gold to become the world’s largest currency.
Nine years may still be a conservative number because nearly 20 million bitcoins have been mined, and about 2 to 3 million bitcoins have been lost or unusable forever. It will further increase the scarcity of bitcoin and push up its prices. So, the time to become the world’s largest currency will also be shortened correspondingly.