Recently, Ryan X Charles, CEO of Money Button, uploaded a video sharing his views on the current state of Bitcoin [BTC] and how its real essence was to create a financial system wherein sound digital money can be provided to the world.
Ryan stated that Bitcoin revolved around the idea of creating sound digital money which was inclusive of everyone in the world. Furthermore, individuals could participate in trade with entities in a manner where it was impossible for a third party to block or freeze their payments. He added:
“Let’s say someone in Venezuela can participate in trade with someone in the United States without having any bad actors trying to leech away all your value.”
He further elaborated on the definition of Bitcoin at scale in the context of Bitcoin’s price. Ryan stated that if Bitcoin was used as “world money” then it would be easier to estimate how much it would be worth.
Assuming that fiat currencies were still a medium of exchange, Bitcoin’s price in context to fiat currency could be estimated in terms of its money supply. He spoke about the different measures of the US dollar supply where M0, M1, and M2 were the different ways of measuring the currency supply.
According to Ryan, in the case of US dollar, M2 had about $14 trillion in its money supply and by adding all the different currencies together it will approximately be valued at $21 trillion.
He added that this 21 trillion could be divided by 21 million Bitcoins’ which is the maximum supply of Bitcoin as the limit is “hard-wired” into the protocol. This assumption, according to Ryan, clearly suggests that a Bitcoin’s price would be close to $1 million. Ryan further stated:
“So that is a rough estimate of the future value of Bitcoin and what is it going to be if it’s world money… and the value could actually be more than that because by the time we get there the economy itself will have grown.”
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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.