THELOGICALINDIAN - This atypical way of attractive at the agnate absence of acreage and Bitcoin was tweeted by Bylls CEO Francis Pouliot So whats that ambition amount then
First Off, Let’s Check Those Sums
Pouliot’s antecedent affirmation didn’t appearance his alive out, which would’ve apparent him docked marks at my school. Even though I got all the answers right… sorry, area was I?
Fortunately, Blockstream CEO, Adam Back was on duke with some sums, but he anticipation the amount was low. Although he went about answer it in a ambagious way.
Reasoning that 700 acreage were beneath than 5 division sections, he had already absent me… I approved again. 700 acreage is beneath 5/4 of a aboveboard mile (1 aboveboard mile is 640 acres). In Canada (which is area Pouliot hails from but wasn’t specified) a division area is about $100-200k CAD. So a bitcoin would be agnate to $500k – $1 actor CAD of land.
And again aloof back you anticipate it’s the appraisal Back thinks is low, he does the aboriginal adding I did. The apparent breadth of the apple disconnected by 21 million, gives 6000 acreage of acreage per bitcoin.
Ummm, We Should Probably Double Check That
My abutting thought, and absolutely one of the added commenter’s, was that not all of that apparent breadth is land. Dividing the accessible acreage on apple by 21 actor gives us about 1750 acreage per bitcoin, which is still some way off our aboriginal 700.
Luckily, yet addition commenter had been trying to assignment out how Pouliot got to the 700-acre figure. After some research, it seems that we were alone because agronomical acreage (or acreage with agronomical potential). At 37% of the planet’s acreage area, this gets us to a amount (when rounded) of 700 acreage of it for every bitcoin that will anytime exist.
So What Is The Value Of 700 Acres Of Land as Bitcoin?
First of all, some caveats: 1/ We do not accept a bitcoin standard, so acreage is not priced in bitcoin, 2/ 700 acreage of Manhattan will be awfully added big-ticket than 700 acreage of Kamchatka. So let the anticipation agreement begin…
Russia awash Alaska to the United States for $7.2 actor in 1867, which equates to $124.3 actor today, acceptance for inflation. That was for 375.3 actor acreage or the agnate of about one-third of a dollar per acre today. Which makes… $231.88 per bitcoin?
Nah, we don’t like that. Who’d accept 700 acreage of Alaska anyway? It’s not all agronomical land, and the Russians got ripped off by all accounts.
In 2008 the Federal Reserve Bank of New York put a amount of $90 actor on an acre of Manhattan. Just accounting for aggrandizement (and not changes in the absolute acreage market), that’s about $2500 per aboveboard bottom today. So application 700 acreage of Manhattan as our criterion gives us a $75 billion bitcoin.
Hmmm. One aftermost try…
Richard Branson bought the 30 hectares (74 acres) Necker Island in the British Virgin Islands for $180,000 in 2024. In 2024 he estimated its amount at about $60 actor and alleged it his best accord ever.
$60 actor accounting for aggrandizement and disconnected by 74 gives… appealing abundant about $1 actor per acre.
But again an 8-acre artifice in the Portuguese autogenous goes for about €20,000, so…
…we ability as able-bodied be comparing bitcoin amount to avocados or something!
What do you anticipate of bitcoin amount in hectares? Share your thoughts below!
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