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Great prediction from Hal Finney, one of the most prominent early forecasters Bitcoin Pioneers, resurfaced after 16 years.
Bitcoin historian Pete Rizzo He reignited interest in the iconic prediction in a recent tweet. Sixteen years ago, Hal Finney predicted a future price for Bitcoin of $10 million when the value of the cryptocurrency was still at $0.
Finney's prediction dates back to January 10, 2009, one day after Satoshi Nakamoto released version 0.1 of the Bitcoin software and seven days after Bitcoin's pseudonymous creator mined the genesis block known as Block 0.
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Hal Finney, a computer scientist, is known for receiving the first Bitcoin transaction and tweeting about Bitcoin on January 11, 2009.
Vinny is considered to be Satoshi's main rival, although he denied this until his death in 2014. Satoshi Nakamoto's true identity remains unknown to date.
Finney forecast $10 million worth of Bitcoin
Rizzo posted a screenshot of one of Finney's emails dated January 10, 2009, which discussed how to value Bitcoin: “One of the immediate problems with any new currency is how to value it. Even ignoring the practical problem that no one will actually accept it at a price first. "
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Finney predicted that if Bitcoin becomes the world's dominant payment system, its value "should be equal to the total value of all the wealth in the world." Expanding this logic, it reached $10 million per Bitcoin.
“As a fun thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system used around the world,” Finney stated. “Then the total value of the currency should be equal to the total value of all the wealth in the world.” Current estimates of total household wealth around the world that I have found range from From $100 trillion to $300 trillion with 20 million coins, each coin is worth about $10 million.
At the current price of $93,726, Bitcoin is a far cry from Finney's $10 million target, but the prediction still inspires long-term confidence in the cryptocurrency.
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