I think your calculation is flawed.

The total wealth includes things like stocks and real estate and gold and art and just things ... Even in the most optimistic most hyperbitcoinized scenario Bitcoin wouldn't replace these things - just the money.

I did not find a good source for total market cap for all fiat currency But 95T would mean a little less than 1/4 of your calculation?

Within about 24 hours of being the recipient of the very first send transaction on the bitcoin blockchain, Hal Finney calculated BTC/USD could be $10M.

https://bitcoinwarrior.net/2019/08/revisiting-hal-finney-bitcoin-price-prediction-of-10m/ https://bitcointalk.org/index.php?topic=2285311.0 https://bitcointalk.org/index.php?topic=5309174.0 https://bitcointalk.org/index.php?topic=3045707.0

The Hex Code of #Bitcoin Satoshi fractions: 00000001 1 = $1 when 1 BTC is $100M 00000010 2 Coffees/10 Sats 00000100 4 Sandwiches/100 Sats 00001000 8 People Dinner/1k Sats 00010000 10 Days Vacation/10k Sats 00100000 20 ? 01000000 40 ? 10000000 80 acres? 100000000 100 = $100M ?

After hyperbitcoinization the value of bitcoin will reach something like steady state, dictated only by population, demand for debt, and world-product. Possibly something on the order of world-wide M3 fiat along with other stable but non-interest and non-dividend bearing assets. This number could be anywhere from a half quadrillion to 30 quadrillion (rough order of magnitude). This puts bitcoin somewhere between $0.25/sat to $15/sat of today's money.

We have some evidence of what a closed economy looks like with a steady state hard money supply. Steady-state only needs to occur for a short period of a few years to see what that might look like.

What tends to happen is a lending currency is established by lending banks. The lending banks use their customer deposit reserves to issue debt certificates to lenders, and the lender will spend the redeemable notes into the economy in lieu of the actual hard-money. Of course eventually there will be a run on a bank if it is found to not be able to meet its demand-deposit draw for reserves of the hard currency. This event is used for the fear-mongering that leads the shortsighted to demand a central bank (lender of last resort).

The reason banks issue demand deposit notes rather than lend out the actual hard money is people tend to not want to carry around the actual hard currency for fear of theft. The feature of banks allowing a depositor to write cheques allows the bank to provide the service of security and withdraw certification in exchange for being able to underwrite debt and potentially render interest to the depositors for access to the reserves.

Bitcoin will not change this need to issue credit, unfortunately Bitcoin does not fix this. With the transparency afforded by low-friction communication and complex bitcoin wallet executable contracts, the likelihood that a debtor will want to loan a bitcoin-backed and bank-issued coin is low though not impossible. The debtor would likely have difficulty spending those coins into circulation. The alternative is to issue bitcoin securities that are redeemable for bitcoin, something like wrapped bitcoin, but the issuing lender may be able to fractionalize the reserves and provides some kind of electronic contract enforced assurance in combination with depositor insurance that the coin holder will be able to eventually settle in bitcoin.

An alternative to the fractional reserve scheme to resolve the need to issue debt is the certificate of deposit backed by partial insurance. The interest rate would need to be high enough to cover collection, lawsuit and insurance costs, yet leave enough interest to encourage reserves holders to sign onto such deposit agreements.

The need for all this bitcoin based lending will most likely never materialize so long as a relatively stable fiat currency continues be accepted in commerce.

What does 418 trillion measure, though? The "wealth" of all human progress to the point of measurement?

If that's the case, then it's a measure of not just what goods and services are available, but what goods and services individuals in a global economy would be capable of causing. So, what could be done, given free markets rallying around that standard of measurement. This becomes even more abstract when you consider that as free markets grow, the abstraction in concern is one of those things that can be "caused". Bitcoin, itself, hasn't be priced into Bitcoin. That is to say, 418 trillion assumes certain existing infrastructures and markets for transferring goods. Since those have problems with efficiencies and Bitcoin improves about them, as Bitcoin improves, so the "418" value increases. This feedback loop is what some people refer to as "hyperbitcoinization," I think. But, regardless, as far as purchasing power, it's hard to measure purchasing power when you don't even know all the things you can purchase! It will only get harder to measure this for a long time, I think.

There are lots of fun caveats worth taking seriously, too, those are the problems we talk about in Bitcoin. Like the fee market, dangerously reliant on the subsidy right now (though we have plenty of time). But I'm more interested in sci-fi level problems--> The speed of light and interplanetary economies, see: #16368

I like it. I like it a lot.

The supply of Bitcoin is fixed at 21 million coins. And Bitcoin is like a black hole, sucking up the value of every other asset class. This means that the value in all other asset classes is being absorbed by those 21 million coins. Imagine everything there is, divided by 21 million.