So way back in 2013, I devised a little unscientific theory as a way to measure the growth of Bitcoin and thus it's supported price floor.
I didn't have an accurate way to measure the exact number of participants and accounts across the world, so I just used Coinbase as a reference.
I surmised that for each 5X multiple in number of accounts, the price would be supported at around a 10X from the last price floor.
In 2015, Coinbase had around 2M accounts, and the price floor was found ~$250/btc.
Now they have approximately 10M accounts, and the price floor probably sits around $2500/btc (a rough guess).
So to extrapolate, in order to reach a support of $25k/btc, Coinbase would need to hit around 50M accounts.
Can we do it in the next 2-3 years? I think it's possible. In 4-5 years I think it's a lock.
I didn't have an accurate way to measure the exact number of participants and accounts across the world, so I just used Coinbase as a reference.
I surmised that for each 5X multiple in number of accounts, the price would be supported at around a 10X from the last price floor.
In 2015, Coinbase had around 2M accounts, and the price floor was found ~$250/btc.
Now they have approximately 10M accounts, and the price floor probably sits around $2500/btc (a rough guess).
So to extrapolate, in order to reach a support of $25k/btc, Coinbase would need to hit around 50M accounts.
Can we do it in the next 2-3 years? I think it's possible. In 4-5 years I think it's a lock.
This is a great theory here Torque. I like your thinking!