> The reality is though, only 3% of the ~32 million funded wallets in existence actually transact every day[2], and only 7 million wallets globally have more than $1,000 USD worth in them[3]. Bitcoin isn't really a threat to anything yet.
That doesn't include transactions within wallets (ie: coinbase), regulated market transactions (GBTC/OBTC), lightening network, other crypto currencies.
Bitcoin is a $1 trillion market cap store of wealth (though an estimate 20% of that is probably lost), it's really huge. Its economy now is larger than some countries, and only a couple countries (China/USA) could probably fully sabotage it today.
If France wanted to "shutdown" bitcoin, they'd probably fail and the most that comes out of it is a minimal price depreciation. In the future, only a coordinate global effort will be able to shutdown the network.
> Bitcoin is a $1 trillion market cap store of wealth
$1T market cap doesn't mean $1T of value is 'stored'. I can create a unique piece of art and offer to sell you a 0.000005% share for $50,000. You might even be silly enough to buy it. Congrats, the market cap of my doodle is now $1T. So I guess I now have $1T of value stored? No.
Companies with billion dollar market caps can go bust and go to zero. There's no "store of value" implied by a particular market cap, because those valuations are based on forward-looking discounted future earnings, taking in to account future outlook (earnings growth) and market sentiment (premiums and discounts).
While Bitcoin and gold share some properties on the supply side, where they differ is that gold has very predictable demand which gives relative price stability. Half is used for jewelry and ~10% is used in industry. It's the price stability that people are referring to when they say gold is a "store of value".
Only ~330,000 Bitcoin have been created in the last 6 months. Even at currently prices (~$50K) that's only $16.5bn of new 'storage'. Everything else generated throughout the 6x increase in market price in that time is speculative. If significant outflows start, that $1T can evaporate very quickly.
If you buy or hold Bitcoin today you have to decide whether it actually has $1T worth of net benefit to society.
That doesn't include transactions within wallets (ie: coinbase), regulated market transactions (GBTC/OBTC), lightening network, other crypto currencies.
Bitcoin is a $1 trillion market cap store of wealth (though an estimate 20% of that is probably lost), it's really huge. Its economy now is larger than some countries, and only a couple countries (China/USA) could probably fully sabotage it today.
If France wanted to "shutdown" bitcoin, they'd probably fail and the most that comes out of it is a minimal price depreciation. In the future, only a coordinate global effort will be able to shutdown the network.