Just one week after the genesis block in January 2009, computer scientist Hal Finney published a $ 10,000,000 Bitcoin price forecast on the currency. His calculation was based on the fact that Bitcoin will become the dominant payment system in the world.
Recently, his statements came on crypto-Twitter:
“Do you think Twitter’s bitcoin is optimistic? Hal Finney calculated the bitcoin price of $ 10,000,000 per coin, just ONE WEEK after the genesis block on January 3, 2009. An absolute legend ”,
announced Dr. Bitcoin.
Finney was aware that the acceptance rate for Bitcoin will be slow at first. This is still evident a decade later, because very few people on the planet have more than one BTC. Finney explained:
“An immediate problem with any new currency is how to calculate its value. Even ignoring the practical problem that no one will accept it at first, there is still a difficulty in finding a reasonable argument in favor of a non-zero value for coins. “
He calculated the total wealth of households worldwide at that time, which was estimated at $ 100- $ 300 billion. With 20 million BTC coins, this would make Bitcoin worth around $ 10 million.
Technology is changing the world
It is interesting to note that Finney did not use the theoretical figure of 21 million BTC. Most likely, he assumed that the nearly 1 million BTC mined by Satoshi will remain unavailable forever.
Despite the fact that only a fraction of the world’s population owns and uses bitcoin, its price has increased in recent years. Finney has always been of the opinion that computers can be used as tools to free and protect people, rather than to control them.
Unfortunately, Finney will not stand a chance to witness the future of the crypto revolution, as he died in August 2014. It remains to be seen whether his prediction of a $ 10 million Bitcoin will be fulfilled.