If every millionaire in the United States wanted a couple of Monero, just in case, it would be mathematically impossible.
Someone smart once said this to me about Bitcoin, and it was a real eye opening moment for me.
They said, imagine if every millionaire - just in the United States alone - wanted to pick up a couple of these ‘Monero’ they’ve been hearing about *just in case*. After all, it is the best financial crypto privacy in the world, and they are millionaires after all. $170 each (current price as of 01/13/21) is nearly nothing for them. So let’s say they all wanted to pick up a couple in case they did end up becoming a form of global reserve value.
Well it wouldn’t be possible.
https://coinmarketcap.com/currencies/monero/ lists the total XMR in circulation as 17.8 million (and only about half a million per year will be created going forward), whereas the total number of millionaires in the USA alone is about 11 million.
That’s less than two per household, assuming they were the only ones who wanted any. This is ignoring of course that any such demand would quickly send the price spiraling upwards into $absurd amounts.
There was a time back in 2015 when I once said that families would one day dream of owning a whole Bitcoin. Of course that was back when Bitcoins were $300 each, and I sounded like a total loon.
Well that’s essentially come true - most people couldn’t even imagine owning a whole Bitcoin at this point. And I’m gonna say the same thing about Monero: *there will come a day, by the end of this decade (and likely much sooner) when the average American will* **dream** *of owning a whole Monero*.
And here we are at the dawn of 2021. And they’re just $170 each.
Really puts things in perspective for ya, huh.
Yes, initial ransom payments are on a 'public ledger', however mixing and chain-hopping (via Monero, ZCash, etc) are used to launder payments to avoid tracing. Even North Korea is quite adept at this ...