Current world gold stock is estimated to be 185,000 US tons, the equivalent of 167829177 kilograms.
Dividing that with the number of BTC currently mined (17,660,987.5) brings us a ratio of 9.5028195337. This means that owning one BTC is as scarce as owning 9 and a half kilograms of gold.
Keeping this in mind we can look at the current price of gold (€36447 per kilogram) and get a "fair price of btc based on its scarcity" of €346,349
The stock-to-flow ratio of BTC will be rather close to gold after the upcoming halving (reference @100trillionUSD on twitter and the Stephan Livera podcast episode 67) so this price prediction seems like a good estimate for the next peak/bubble.
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from Bitcoin - The Currency of the Internet http://bit.ly/2ID1gI0
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