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CEO of Jan3, vocal Bitcoin evangelist Samson Mow has taken to the X social media network to give his audience an astounding Bitcoin price forecast supported by a major argument.
$1 million per Bitcoin eventually, Mow believes
Mow stated that those who believe $1 million per BTC is a crazy price should read what Hal Finney said about the levels that Bitcoin has the potential to reach in the future. Hal Finney was a software developer who received the first ever Bitcoin transaction from its mysterious creator Satoshi Nakamoto. He also contributed to the Bitcoin code at its early stage.
Many firmly believe that it was Finney who had hidden behind the pseudonym of Nakamoto. Nakamoto went under the radar in 2010, leaving his invention in the hands of the community. Finney passed away in 2014 from the consequences of amyotrophic lateral sclerosis.
In the message cited by Mow, Finney assumes that if in the future Bitcoin becomes the dominant payment system in the world, the price of one coin may soar to $10 million U.S. dollars. He said that this would be possible, since the value of all Bitcoin supply then would be equal to the value of all the wealth in the world.
Back in Finney's time, the total world household wealth was evaluated between $100 trillion and $300 trillion, therefore if Bitcoin supply got to cost that much, $1 million for one Bitcoin was a realistically achievable goal, per Finney. He then also stated that with such a prospect, mining BTC in its early days — a few BTC per day with a few cents of computer time — would be "quite a good bet."
Bitcoin halving not priced in: Morgan Creek Digital partner
Jason Williams (@GoingParabolic on the X app) has tweeted that he believes the upcoming Bitcoin mining event next year not to be priced in, which means he expects the price to show substantial growth after it. Williams and Anthony Popliano are both partners at the Morgan Creek Digital fund.
Speaking negatively of bankers, Williams stated that they failed to understand BTC. Besides, he believes that a reverse Cantillon effect is currently taking place with Bitcoin. This effect with fiat money implies that the closer you are to the source of wealth, the wealthier you are.
The fourth Bitcoin halving is expected to take place in April-May next year (roughly the same time it happened in 2020), and then BTC miner rewards will be programmatically cut down in half — from the current 6.25 BTC to 3.125 BTC earned by them per each block.
This mechanism was programmed by Satoshi Nakamoto to make Bitcoin deflationary; therefore, with each new halving every four years, half as much Bitcoin will be added to the circulating supply.
Williams also reminded his followers on X that this year alone, Bitcoin has surged by 127%.