As a seasoned analyst with over two decades of experience in the financial industry, I find it fascinating to delve into the world of cryptocurrencies and their predictions. The revelation that Hal Finney, a close associate of Satoshi Nakamoto, made the first prediction about Bitcoin potentially reaching $10 million per coin is intriguing.
Data shared on X indicates that the very first prediction of Bitcoin theoretically reaching $10 million per coin in the future was made by a person who was close to Satoshi Nakamoto.
The author of the post pointed out that all the complaints about Bitcoin being predicted to reach $1 million pale in comparison to that earlier ultra-bullish forecast.
Here’s first person who said Bitcoin could reach $10 million
As stated by user @Vivek4real_ X, it was actually Hal Finney who made the initial prediction about Bitcoin potentially reaching a value of $10 million per coin in the future. This prediction was significant because Hal Finney was the recipient of the very first Bitcoin transaction from Satoshi Nakamoto, the mysterious creator of Bitcoin.
Nevertheless, it is widely speculated that Hal Finney was actually Satoshi Nakamoto, the mysterious creator of Bitcoin. Regrettably, this theory cannot be confirmed or denied as Hal Finney, a pioneering cypherpunk, passed away ten years ago on August 28, 2014, at the age of 58. He had been diagnosed with amyotrophic lateral sclerosis (ALS) in 2009, the same year Bitcoin was launched.
Are you amazed by the thought of a million dollars? Allow me to introduce Hal, who predicted that one bitcoin would be worth ten million dollars just a week after it was first launched in 2009 – quite remarkable indeed! 🚀💼
— Vivek⚡️ (@Vivek4real_) September 13, 2024
In a recent post on X, @Vivek4real_ posted a screenshot of Finney’s letter predicting that under certain conditions, Bitcoin could potentially increase to $10 million per coin. According to Finney, for this to occur, Bitcoin would need to become the universally used global payment system and its total value should match the overall wealth in the world, positioning it as a potential “Satoshi contender.
In the year 2009, the global household wealth was estimated to be between $100 trillion and $300 trillion. If we divide this total by the number of Bitcoins in circulation (which is often erroneously stated as 20 million instead of the actual 21 million), each Bitcoin would have been approximately worth $10 million back then.
Later on, Finney emphasized that mining Bitcoins using computational power valued at only a few cents could potentially be quite profitable, offering a potential reward of approximately $100 million.
Bitcoin to hit $10 million in 21 years
This week, while appearing on CNBC’s Squawk Box program, Bitcoin advocate and MicroStrategy’s executive chairman, Michael Saylor, made a comparable forecast. He anticipates that BTC could potentially reach $10 million within the next 21 years, given that Bitcoin captures around 7% of the current gold market – a sector it currently represents just 0.1%.
Many Bitcoiners supported that bullish forecast.
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2024-09-13 14:36