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The First Bitcoin Price Prediction Ever Made
According to Blockstream founder and cypherpunk, Adam Back, Hal Finney’s $10 million BTC price prediction isn’t so far fetched, though, the reasons behind these levels may not be as apparent as you may think.
When it comes to any Bitcoin prediction, crypto analysts often tout the most hyperbolic and over-inflated projections imaginable.
From the more modest end of the spectrum at around $10,000, toward the virtually inconceivable heights of $10 million, valuations within this space can vary wildly.
Regardless, some augers of these seemingly aggrandized Bitcoin (BTC) price points do sometimes offer a reasonable explanation to support them.
Currently circulating its way around the ecosystem are some of the earliest price predictions ever made, and per Back, they may well come to fruition.
Merely a week after the mining of bitcoin’s genesis block, Hal Finney opined that BTC could grasp a value of $10 million per coin.
This hypothesis was based – as many BTC predictions are these days – on bitcoin becoming a de facto global payments system.
“As an amusing thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use throughout the world. Then the total value of all the currency should be equal to the total value of all the wealth in the world.”
Cypherpunk Hal Finney made this infamous Bitcoin thought experiment 11 years ago so we updated it for this decade.
A revised BTC prediction: The world’s economy has grown in the 11 years since the post was made.
According to “The Global wealth report 2019” by Credit Suisse, the total worldwide household wealth today equals approximately $360 trillion.
Divide it by 20 million bitcoins, and we get an even bigger number – roughly $18 million for a single coin.
This would be an increase of 225,000% in the price of Bitcoin – a value appreciation not unheard of in the Bitcoin ecosystem.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.