Bank of America thinks Bitcoin could be worth $1300- hahahaha!

end-the-corporate-media

Apparently they don’t understand math very well. If Bitcoin succeeds it will be worth far far more than $1300 per BTC! If the bitcoin economy grows to the size of a large company, BTC are worth 10s of thousands each. If it grows to the size of gold’s economy, they’re worth a million each. This is based off of market capitalization: how much is each share (or BTC or ounce of gold) worth and how many are there in total. If you based your figures on magic and propaganda, you get a figure like $1300.

Wait, you don’t like gold and stocks, OK, how about coffee? 1.5 trillion CAD ‘coins’ out there, each one can buy you a very cheap coffee. Bitcoin has 1/10000 as many coins as there are Canadian Dollars. So, each Bitcoin, if it replaced CAD entirely, could buy you 10000+ cheap coffees.

They don’t even say why this number makes sense or where it comes from, are they pretending this is some sort of ceiling maybe? I just don’t get it.

Watching bad people scramble is entertaining, lets hope people don’t buy into their crap. Again.

http://news.cnet.com/8301-1023_3-57614720-93/bank-of-america-deems-bitcoin-the-next-big-thing/

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About remistevens

crazy musician type from toronto, philosophy major. work in a museum. . ..
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