Matt Levine, Columnist

Apple Stock Will Get Cheaper

Also fairness opinions, due diligence and Treasury trading.

The way that Bitcoin works is that there will always be a maximum of 21 million Bitcoins, and if Bitcoin ever becomes the dominant store of value in the world then each of those Bitcoins will be worth an absolute ton of money. Like if you figure the global broad money supply is $90 trillion, then if Bitcoin becomes the new world currency then each Bitcoin might be worth $4 million or so. Anyone who owns a Bitcoin will be rich, but there won’t be that many of them; certainly no more than 21 million people could own a Bitcoin.

This would be a big problem, for a proposed currency, if it were indivisible, if you could only own zero or one or two or some other integer number of Bitcoins. Even if it were a little bit divisible, like the dollar—if you could own 0.01 or 0.02 Bitcoins, etc.—it would not be very practical.