0.28 BTC to become part of the New 1%'-ers

BASE HEADER btc one percent.png

If you own 0.28 BTC or more, you're part of the new 1%. That's what former Google Product Director Steve Lee stated not long ago in a tweet. That's amounts to about $1800 worth of Bitcoin in today's prices.

1% is the new 21 million-club

It used to be that people aimed to get at least 1 BTC, to become part of the 21 million-club. After all, with 21 million Bitcoin that will ever exist only 21 million people can ever own 1 BTC or more. Owning 1 BTC solidifies owning a significant stake in the Bitcoin economy. As prices started to grow it only was a matter of time before 1 BTC started to become out of reach for the ordinary, small-time investor.

Now it seems small-time investors are given a new goal: Steve Lee, former Google Product Director, provided us with a new perspective and one that lowers the bar of entry significantly to become part of the club; a new club. He stated in a twitter tweet that if you own at least 0.28 BTC, you will be part of the new 1%-'ers in a Bitcoin future. By today's prices where Bitcoin is roughly $6500 USD, the price of 0.28 BTC would be $1830 USD.

1percent steve lee.png
source: Twitter

And considering that roughly 4 million Bitcoin have been lost over time, or are attributed to being owned by the Satoshi Nakamoto account, the numbers become even more attractive if you takes a maximum of 17 million Bitcoin as the total cap on the amount of Bitcoins. Based on the 17 million Bitcoin number owning 0.28 BTC puts you in the top 0.8%.

And it's true, since Bitcoin is hardcoded to a fixed amount and there can never be any more of it. The question still remains what future Bitcoin will have. It is important to note that Steve Lee's calculation is based on a global population of 7.5 billion people, where each and every one of them owns, wants and uses Bitcoin as money. While that sounds great, it also sounds overly enthusiastic to me. It is nice to dream but perhaps not too wise to speculate based on a 100/100 win scenario.

It is perhaps more prudent to speculate on a 1-10% global adoption percentage, though more is always better. With less participants in the market, each participant will own a relatively larger chunk of it. If 10% of the world's population switches to Bitcoin then the required number of Bitcoin to become part of the 1% shoots up to 28 BTC and if only 1% of the world's population switches to Bitcoin then it's a whopping 280 BTC required to be part of the 1%. Or about $1.8 million USD in today's prices. Still not bad in the grand scheme of things, but mostly out of reach for the majority of us.

Although it gives off somewhat of a skewed picture, mathematically the calculation though is correct: by owning 1/75.000.000th of the total supply of Bitcoin there is not enough left for the rest of the world for more than 1% of them to own more than you. It sounds encouraging at the very least.

For comparison's sake, if Bitcoin is to aquire a market cap similar to the total supply of cash money ($7.6 trillion USD) or gold ($7.7 trillion USD), let's say rounded out to 7.5 trillion USD, then owning 0.28 BTC would be equivalent to owning $357.142,85 USD. Not bad for a $1830 investment, as long as your hands and HODL are strong.

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Ha! I read that just before going to sleep last night! IT's a nice thought, but as you say... it really is dependant on BTC gaining wide adoption, which is far from a given at the moment!

It will get there, it's just a matter of "when".

Despite being one of the committed and hopeful... I just don't see it at the moment as a done deal. It is quite possible that some other chain tasks the lead of perhaps private chains. I think that outside our community, their is still a negative perception of BTC and crypto in the general population. People have immense trust in fiat and the banks and ease of use and the safety net that they provide. Crypto for the larger population is just too complicated still or insecure (from the user side), and too many eager hands got burnt from the beginning of the year...

That said, I'm still hopeful and committed!

I hear you and I understand your sentiment. But look a little broader, beyond the confines of the traditional first-world Western world and you will find ample justification for my statements! Let's say that right now you were living in Argentina or in Iran...

Or go back in time a bit and pretend you were in Turkey a few months ago, or in Venezuela before that, or Zimbabwe before that... Where they lead, so the rest shall follow. BTC IS being adopted, out of necessity in some cases. Only a matter of time my friend, only a matter of time.

Oh yes, I fully agree that the 10 prevent daily swings of crypto is nothing compared to hyperinflation. Also, transacting in the same currency across borders is a huge levelling of the playing field. Don't get me wrong, I have high hopes for that.

However, like our not, the crypto ecosystem is a tiny fraction of the banking and established fiat systems, with less public trust and ease of use (at the moment), the field is still wide open as to what and which gets mass adoption. Perhaps it is BTC, or some melding of the existing system with the new... I hope it is the former (of some variant of it), but I suspect it will be the latter...,

Hmmm, I find that a strange thought. Personally I see the two systems as having irreconcilable differences. Their histories and ideals are so different, not to mention the people who control them, then I can never foresee a hybrid being born. (Read these old posts of mine if you like: https://steemit.com/cryptocurrency/@bitbrain/money-understanding-it-and-cryptocurrencies-part-2-recap-of-the-basics and https://steemit.com/cryptocurrency/@bitbrain/money-understanding-it-and-cryptocurrencies-part-3-cryptocurrencies and https://steemit.com/cryptocurrency/@bitbrain/money-understanding-it-and-cryptocurrencies-part-4-weapons-of-the-war-on-crypto) But who knows? 100 years from now, perhaps a more enlightened humanity would have set its priorities straight and put its differences aside. Perhaps the hybrid will be born. Stranger things have happened.

Really cool way of looking at it.

Get that 1.0 BTC, put it in cold storage and leave it. You’ll thank yourself later.

Posted using Partiko iOS

+1 to this advice.

Interesting point. I would still aim for 1 whole BTC as a goal. Has a better ring to it than .28

Good to see you again. Yes, it is good to be an early adopter isn’t it?

I’ve got an upvote coming for you but waiting for the 15 min mark.

Posted using Partiko iOS

The beauty of crypto is that, if you know how to choose wisely, there are so many other "early adopter" opportunities out there! Of course there are also millions of scams and lots of rubbish coins.

Using a ratio is a great way to invest, and it is the method I use. I described it a few months ago in this post: https://steemit.com/cryptocurrency/@bitbrain/how-much-to-invest-in-a-crypto

That bar is low, lol pretty sure some steem users converted to BTC are at 1% and more :)
Remembers when 21 BTC was the 1% :)
That said if you can HODL long enough to wait for that marketcap ... tempting 450% rallies in a year or 45000% in 25 years lol.

That is interesting. I never really thought of it like that but it makes sense. It is hard to predict how high the market cap of bitcoin will go but I hope we see some high numbers like that at some point in the future. Fingers crossed.

thats a real interesting read, I have no Bitcoin at the moemnt so I gather I am way away from a 1 percenter lOL

New money, just like old money but with different people in charge!

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