[BWillie]

Originally Posted by Fat Elvis

The thing that freaks me out about bitcoin is that there is only about 300,000 people who hold $5,000 or more of bitcoin. That is an incredibly small market. At the current market cap of ~$58.7B, that is an average holding of just under $200K/bitcoin holder.

Another way of looking at it is that each bitcoin holder is trading an average of just 1.5 bitcoins each day (based on daily volume)--and that is creating both some pretty wild swings and rather remarkable "valuations."

To put in perspective, Bitcoin has a higher market cap than either GM or Ford, yet it really doesn't have any "direct" employees and it really doesn't "produce" anything.

How can you justify the current valuation of bitcoin when it has a higher market cap than even some oil companies like Occidental Petroleum or Phillips 66?

Based on current market cap it is the 88th most valuable "company" in the S&P 500.

The thing that freaks me out about bitcoin is that there is only about 300,000 people who hold $5,000 or more of bitcoin.

Is this really true? That is really surprising that it is that low. If you were in the top 300,000 ppl who held USD you would be super elite rich...and bitcpin obv encompasses the world.