Can You Buy a Nation with Bitcoin?

By May 1, 2017Technology

As of May 1st, Bitcoin hit its highest value at $1,400. The cryptocurrency has always been under attack since its inception–entire websites are dedicated to shaming bitcoin adopters, and cryptocurrencies are still illegal in several developed countries.

The trolls and haters were wrong, though. With bitcoin’s rising value, people are buying everything from mammoth tusks to pizza. Even now, Venezuelans are mining bitcoin to combat the economic turbulence of their nation.¹

But there’s one thing that still hasn’t been bought with bitcoin: your own sovereign state.

When it comes to purchasing your own independent nation, there’s really no other option out there than the Principality of Sealand. Even if no nation has actually recognized Sealand as a sovereign state, this tiny tower off the coast of England boasts its own coat of arms, currency, and national team of athletes.²

For the bitcoin equivalent of just 504 million pounds,³ the Principality of Sealand could be yours–and who wouldn’t want to own the nation deemed the 2008 champion of Egg Throwing?

If remotely mining bitcoin atop an offshore platform is tempting, here’s what you need to know:

  • Projected value of bitcoin in the year 2025 (optimistic): 27,600 USD ⁴
  • Price of Principality of Sealand in USD: 652,780,800
  • Estimated average of bitcoins mineable in a month: 1
  • Amount of optimistically valued bitcoins required to purchase Sealand: 23,651

Conclusion: It would take you 1,971 years of straight bitcoin mining before you could afford The Principality of Sealand.*

But don’t be too discouraged. If you start mining now, you can reach any number of lofty bitcoin dreams. Check out this guide on how to start mining today.

*Calculations have not taken into account that the rate of bitcoin production is purposely designed to halve, slowing down the rate of bitcoin creation until eventually reaching an expected limit of 21 million.

 

References:

  1. Why some Venezuelans have turned to bitcoin mining
  2. Principality of Sealand
  3. ‘Smallest state’ seeks new owners
  4. Bitcoin Price Prediction for 2017