1. Maximum Bitcoin supply: Approximately 21 million BTC (actually using 20.5 million BTC for calculations)

2. Current world M2 money supply: Approximately $100 trillion (estimate)

3. Required proportion to function as a reserve currency: At least 20% of global M2 (conservative estimate)

Calculation:

1. Required total value = $100 trillion × 20% = $20 trillion

2. Required value per BTC = $20 trillion ÷ 20.5 million BTC ≈ $975,610/BTC

This means that for Bitcoin to have sufficient liquidity as a reserve currency, it would need a value of about $1 million per BTC (more precisely $975,610).

According to data tracked by ETC Group and Glassnode, entities with no liquidity currently own 14.61 million BTC. Re-evaluating the situation based on this data:

1. Total Bitcoin supply: Approximately 20.5 million BTC

2. Owned by entities with no liquidity: 14.61 million BTC

3. Remaining liquid Bitcoin: 20.5 million - 14.61 million = 5.89 million BTC

Updating the previous calculation with this new information:

1. Required total value (same as before): $20 trillion

2. Liquid Bitcoin: 5.89 million BTC

3. Required value per BTC = $20 trillion ÷ 5.89 million BTC ≈ $3,395,585/BTC

This result reveals the following points:

1. Need for price increase: A value of about $3.4 million per BTC (more precisely $3,395,585) would be necessary. This is about 113 times the current price.

2. Extreme price surge: Compared to the previous calculation ($975,610/BTC), this requires more than a 3.5-fold increase.

3. Accelerated wealth concentration: Wealth would be further concentrated among holders of the 5.89 million liquid BTC.

4. Market vulnerability: The low liquidity could lead to increased market volatility.

5. Accessibility issues: Such high prices would make it even more difficult for average people to own Bitcoin.

6. Increased deflationary pressure: The effective reduction in supply would further intensify deflationary pressures.