Independent Crypto Researcher Claims One Bitcoin (BTC) Can Buy Upto 700 Acres of Land
- The study has been noted by many to be skewed since it makes use of a personalized metric standard that is quite biased.
- For example, the author of the piece only takes into consideration agricultural land to provide his given valuation.
As per an all new tweet released by Bylls CEO, Francis Pouliot, one Bitcoin can allow a person to procure upto 700 acres of land within Canada. While the specifics of this calculation were not provided by Pouliot, Blockstream's Adam Black seemed to disagree with the provided figures – claiming that a single Bitcoin can buy much more than just 700 acres of land.
A Closer Look At The Matter
When examining the valuation provided by Pouliot a little more closely, we can see that a quarter section of land in Canada (the country where Francis originally hails from) is estimated to be worth $100-200k CAD. Using this metric, we can see that one Bitcoin should technically be equal to $500k – $1 million CAD of land.
Additionally, it should also be clearly pointed out that in his calculations, Pouliot has only considered agricultural land — which constitutes around 37% of the planet’s total surface area. However, since Bitcoin does not have a standard attached to it, we can see that the same 700 acres of land will cost more money in different regions of the world. For example, the state of Alaska was sold by Russia to the USA in 1867 for $7.2 million. This figure, when converted to today’s value via inflation adjustment, comes to around $124.3 million. This basically means that the price of a single Bitcoin is nowhere close to what was estimated by Pouliot in his research.
Lastly, in 2008 the Federal Reserve Bank of New York estimated that an acre of land in Manhattan at the time was worth $90 million — which by today’s standard is around $2500 per square foot. These numbers again do not correlate with Pouliots assessment (since the associated figures work out to around $75 billion by today’s standards).
In closing out this piece, we need to remember that back in 1979, Virgin owner Richard Branson purchased Necker Island — a sprawling property of around 30 hectares (74 acres) — for a meagre $180,000. A decade back, this same land was valued around $60 million, which by today’s standards puts an acre of land within the island around the one million dollar mark.