I get this gotcha basically every time I make a post about this. It’s not as useful as you think it is. I am obviously am aware of the fiat error term like everyone else here.

Therefore, what matters is: what % of total global wealth will Bitcoin terminate at? Houses and equities will still have some value, just denominated in Bitcoin. 50% is rational answer. Also, at 50%, it’d also make sense to add a 2x multiplier to the Bitcoin *purchasing power* in today’s dollars because presumably, everything else will have dropped by about 50%.

PS Jeff Booth is wrong that it’ll eat all

$900T or, if you like, 100%.