Apple may have become the world’s first trillion-dollar company — but in Bitcoin terms, its performance is as flat as an iPhone 8.
Apple’s Valuation In ‘Debased’ Fiat
Data uploaded to social media this week by BloombergTV host Joe Weisenthal suggests that, despite the technology giant making history in US dollars, the event says more about the dollar than it does Apple’s performance.
“Congrats to Apple on hitting a new high only when priced in the Fed’s debased (and probably obsolete) fiat currency,” he commented on Twitter after the news broke Thursday. “Meanwhile, here’s Apple priced in Bitcoin.”
A graph of Apple versus Bitcoin depicts a sharp fall as the cryptocurrency’s prices began rising as early as 2010. Despite the company’s fortunes increasing considerably since, when contrasted with Bitcoin, its success barely registers.
Think about it, if we're going to start giving out awards for companies hitting arbitrary numbers when priced in made up printed money, Apple's market cap is 167 quintillion bolivars. pic.twitter.com/f8FzPasS9i
— Joe Weisenthal (@TheStalwart) August 2, 2018
How About Five Quintillion Bolivars?
A Twitter storm soon ensued, with Weisenthal continuing that, based on the dollar’s genuine worth and issuance policies, any “made up printed money” could be used to judge Apple. Among these is the Venezuelan bolívar fuerte, which is suffering from notorious inflation and will soon see five zeros knocked off its exchange rate as part of a bid to stabilize it.
“…If we’re going to start giving out awards for companies hitting arbitrary numbers when priced in made up printed money, Apple’s market cap is 167 quintillion bolivars,” Weisenthal added.
The episode gave other commentators pause for thought.
Despite the ongoing sense of frustration with Bitcoin prices, the cryptocurrency continues to prove its resilience to claims by economists and banking sector sources it has no value and will ultimately trend to zero.
In July, calculations from industry figures including Blockstream CEO Adam Back suggested that BTC/USD would need to trade around $223,000 in order to convert the entire world’s M1 money supply to the cryptocurrency. Adding M2 and M3 supply to the equation, Bitcoin would need to cost considerably more, however — around $5 million per coin.
What do you think about Apple’s valuation in Bitcoin terms? Let us know in the comments below!
Images courtesy of Shutterstock, Twitter.