"According to the World Gold Council, the total value of all gold ever mined is about $7.8 trillion."
At 50K per bitcoin it would be at less than 1 trillion market cap plus it's a lot easier to loose your bitcoin wallet than a gold coin with over 4million BTC being predicted as being lost.
Last I read gold was at 3 Trillion but indeed several sources for that. Bitcoin going to 50k would also impact the rest of crypto I think so it would be coming quite close.
But anyway macro economical this would be absolutely crazy. For storage of value ? Everything is possible but feels very unlikely to me...
thinking more along the lines of stock market and derivatives market that is 4 or 5 times the size of the worlds economy it's a store of value in terms of bitcoin trading it for something else is the fun part but the tech is pretty cool so I see no reason why blockchain technology can't get to a few trillion as it is useful!
Can you give 1 real usefull application that is not situated in the crypto world itself ? Apart from Steemit (that is still very techy) I don't know any.
https://steemit.com/beyondbitcoin/@safetony/healthcare-and-the-blockchain
Ok this looks like an interesting idea for blockchain. But why does the coin/token behind it need a 'value' ? I was not stating it right before. blockchain itself can be very usefull but why is the intrinsic value needed of the chain itself ?
Electricity and good internet cost money I think you need to incentivise people to secure the network and to process the data.
With the value of bitcoin coming from the proof of work and how secure the network is.
If you wanted to have a private block chain you wouldn't need to have a $ value but then it wouldn't be as good.
Think internet or intranet
I agree there need to be some payment for mining/witnessing