Would one Congressional Greenback be worth 2,993.179 Federal Reserve notes?

in money •  3 years ago 

"The maximum number of bitcoins that can be issued—mined—is 21 million."
https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/

Bitcoin (BTC / USD)
42,759.70

https://www.google.com/finance/quote/BTC-USD

"§5115. United States currency notes

(a) The Secretary of the Treasury may issue United States currency notes. The notes-

(1) are payable to bearer; and

(2) shall be in a form and in denominations of at least one dollar that the Secretary prescribes.

(b) The amount of United States currency notes outstanding and in circulation-

(1) may not be more than $300,000,000; and

(2) may not be held or used for a reserve.

( Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 983 .)"
https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5115&num=0&edition=prelim

300,000,000 (United States currency notes)
÷
21,000,000 (Total Bitcoin Supply)
=
14.28571428571 (14.285 times more United States currency notes than total BTC supply)

42,759.70:1 (FRN:BTC)
÷
14.28571428571:1(14.285 times more United States currency notes than total BTC supply)
=
2,993.179:1 (How much one United States currency note is worth in Federal Reserve notes valued against BTC)

42,759.70:1:2,993.179 (FRN:BTC:USN)

300,000,000 (U.S. Notes) × $2,993.179 (How many FRN each USN is worth) = $897,953,700,000

"Gold
Spot Prices Gold
Price Spot
Change
Gold
Price Per Ounce $1,829.60 ($0.30)"
https://www.apmex.com/gold-price

"The power "to coin money" and "regulate the value thereof" has been broadly construed to authorize regulation of every phase of the subject of currency."
https://constitution.congress.gov/browse/essay/artI-S8-C5-1/ALDE_00001066/

"Greenbacks—named for their distinctive color—were the first national currency of the United States. The notes, though not redeemable for gold or silver, were lawful money backed by the credit of the federal government."
https://www.visitthecapitol.gov/exhibitions/artifact/greenbacks-united-states-notes-issued-march-10-1862

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