Tuesday, April 7, 2020

Twitter User Relates Owning 1 Bitcoin [BTC] To Having “700 Acres Of Land”

BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.
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A recent tweet by Francis Pouliot have made the rounds and gotten almost everyone’s attention in the crypto community. In the tweet, Pouliot equates owning a bitcoin to owning 700 acres of landed property.

Owning 1 Bitcoin is the equivalent, in scarcity terms, of owning 700 acres of land.— Francis Pouliot ? (@francispouliot_) 1 June 2019

Pouliot’s Post Gets Deserved Attention

Frances Pouliot is one of those contributing positively to see bitcoin gaining its most desired adoption. Pouliot is the CEO and co-founder of Bull Bitcoin, a Canadian-based firm. The firm claims to be Canadian’s alternative to Coinbase and Bitpay.

A lot of his followers seem to agree with him as positive responses trailed his opinion on the social media platform. Among those who commented is Adam Back, Blockstream.com’s CEO.

From Back’s comment, it’s certain he believes bitcoin is worth a fortune, however, Back thinks equating bitcoin to 700 acres of land is simply an understatement.

In his responds, Back says; “I make it 6,000 acres/bitcoin.”

that sounds low, that’s less 5 quarter sections (160 acre quarters of a square mile), which in Canada is not that expensive in (like $100k-$200/quarter section eg $500k-$1mil CAD of land). I make it 6000 acres/bitcoin. land surface is 196912100 sq miles (640 acres per sq mile).— Adam Back (@adam3us) 2 June 2019

Pouliot Joins Those Who Believe Bitcoin Will Be Worth A Fortune Soon

Out of several predictions on the most valued cryptocurrency, bitcoin, Poolin’s co-founder, Zhu Fa, opines that the next bull run will see bitcoin toggle between $74,000 and $740,000 per bitcoin. He claims that the price of bitcoin should triple its present all-time high.

John McAfee, the one who’s said to have a crystal ball for successful prediction the prices of cryptocurrencies also had said in his prediction that bitcoin would hit a million dollars ($1,000,000) before the end of 2020.

He further clarifies his standpoint. He says that bitcoin will hit that price between his time of prediction and the 31st of December, 2020 and not necessarily remain at the said price on the said day.

BTC’s Price Analysis

Bitcoin, which have been doing tremendously well of recent, surpassing the $9,000 mark has been dropped to the $8,500 region by the bears.

There have been large volumes on bitcoin lately with rumors that institutional traders are entering into the market which have caused other investors to go all in for fear of missing out.

As at the time of reporting, bitcoin trades at $8,533.41 with a market capitalisation of $151 billion. The cryptocurrency remains in a clear uptrend, longterm.

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