Why bitcoin is currently worth US$800k right now?

Bitcoin and gold are the hardest money known to man and in the last 15 years it can be argued that between the two bitcoin has become the best store of value.

Just like bitcoin gold has a fixed supply except that we don't know how much gold is left to mine. In order to evaluate how valuable bitcoin is I thought about comparing their respective scarcity and the result might be of interest to you.

What comparable unit of measure can then be used for that purpose? Let's take a 400 oz bar stored in central banks, googling or asking GPT how much gold has been mined so far gives 244 000 metric tons or 244 000 000 kg. A 400 oz bar weights around 12.44 kg so 244 000 000/12.44 = 19.6 M.

If melting all the gold in 400 oz bars there would be 19.6 millions of them which is close to the amount of bitcoin mined so far. So there you have it, one bitcoin is as scarce as a 400 oz gold bar and at US$2000/oz it gives a value of US$800k per bitcoin.

I hope you will find entertaining this back of envelope calculation on this Thanksgiving Friday, let's be grateful to Satoshi and keep helping bitcoin fixing everything that fiat money has destroyed