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Hougan said this also explains why trading volume for regulated bitcoin futures has seemed weak. Chicago-based CME and Cboe began listing bitcoin derivatives at the end of 2017 but have had much lower volumes than the $6 billion reported by unregulated exchanges. Each bitcoin is made up of 100 million satoshis (the smallest units of bitcoin), making individual bitcoin divisible up to eight decimal places. That means anyone can purchase a fraction of a bitcoin with as little as one U.S. dollar. Any conversation about bitcoin’s real-world value has to acknowledge the fact that on some level, bitcoin is valuable simply because people think it is. As of this writing, a single bitcoin is worth over $60,000 – roughly 30x the price of a troy ounce of gold – a testament to the public sentiment of bitcoin. But defining bitcoin’s price (which is as easy as glancing at any exchange’s latest ticker update) isn’t the same as defining its value.