Bitcoin is often compared to gold and as such I wanted to compare the values of bitcoin to existing mined gold. This is not meant to be a 1 to 1 comparison but simply a data point. Gold is currently ~$2,600/ounce. It's estimated that there's 244,000 tons of mined gold in existence.
Each ton is 32,000 ounces. So 32,000 x 244,000 x $2,600 is $20.3008 trillion If the total amount of bitcoin is 21 million, then would mean each bitcoin is worth $966,704.
Obviously this would mean a full transition of gold to bitcoin which is unrealistic but even if people continued to slowly migrate from gold to bitcoin with a 10% allocation then value would still be ~$96,000.
If we take into Acct the estimate that 20% of all bitcoin burned then the value is $1.2m
My take from this is that there's additional upward potential. Especially if we get a major country central bank that starts to hold bitcoin.
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