Arithmetic on today's supply, not a forecast. It assumes nothing about whether PAX Gold could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. PAX Gold has 432,831 PAXG in circulation at $4,357.28 each, which is $1.89B. Holding that supply still and putting Bitcoin's $1.55T in its place gives $3,586,448.22 per PAXG.
This is the huge end of the comparison. PAX Gold would need $1.55T more than it carries today, and at that size it would be one of the largest assets in the world, crypto or otherwise.
Supply is held still, and in practice it moves: coins are minted, burned and unlocked, and every one of those changes the price a given market capitalisation implies. The figure also says nothing about whether the money exists to buy PAXG at that level, which is the part that actually decides a price.
$3,586,448.22 per PAXG. That is Bitcoin's current market capitalisation of $1.55T divided across the 432,831 PAXG in circulation.
823x. PAX Gold trades at $4,357.28 today and Bitcoin's market cap is $1.55T against PAX Gold's $1.89B.
No. It is one division: Bitcoin's market capitalisation spread over the supply of PAXG that exists today. It assumes nothing about whether PAX Gold could attract that much money, and it holds the supply still when in practice supply changes.
It sets it. Market cap is price times circulating supply, so the same $1.55T of market cap spread over more coins gives a lower price per coin. This uses the 432,831 PAXG in circulation now.