$1 Million Bitcoin Price Billionaire

When technological change happens in society, it happens quickly and in a pronounced manner. Precisely one decade ago, Apple’s market cap had just matched Exxon Mobile’s market cap of $310 billion. In the decade since, Apple’s market cap has gone up to over $2.4 trillion, and Exxon’s has gone down by 100 billion dollars to $216 billion. This gap is likely to only increase as time goes on.

Today, bring on bitcoin. Even though its volatility has been testing all of our patience, bitcoin is killing it. As of this article, bitcoin has once again crossed the $50,000 mark and its price is up over 280% from last year. Bitcoin, blockchain, and crypto is considered by technocrats to be one of the fastest growing sectors in technology, as evidenced by venture capital firm Andreeson Horowitz’s creation of their new $2.2. billion “Crypto Fund.”

One well-known Andreeson Horowitz partner, Balaji Srinivasan, who doubled as Coinbase’s first CTO, wrote an article titled “The Billionaire Flippening” articulating what he believes will be the structural societal impact of bitcoin’s ever-increasing price. When cryptocurrency enthusiasts hear the term “flippening,” most think it to describe a time period in which Ethereum’s market cap eclipses the market cap of Bitcoin. However for Balaji it appears that there is another, perhaps more fascinating flippening that will come soon – the flippening of billionaires. He says that when bitcoin hits milestones like $100,000, there will be as many bitcoin billionaires as there are traditional billionaires. When bitcoin hits one million dollars, the world’s bitcoin and crypto billionaires will surpass the number of traditional billionaires.