Current Bitcoin market cap is ~50% of total USD (M0) in circulation

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Source: fred.stlouisfed.org/series/CURRCIR

Total global wealth is estimated to be about $420T in 2021 source. This gives M0 supply of about ~1.5% to wealth ratio, based on about $6.6T of currency in circulation. Hal Finney’s estimate of $10m per coin was calculated incorrectly based on the market cap of a currency being equated to the total wealth of an economy.

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Clearly bitcoin has failed as a currency but succeeding wildly as a purely speculative asset (so far). A little curious though, for those evangelizing it as a currency, if the claims of ‘being early’ doesn’t really make any sense anymore?

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