Satoshi-Era $10 Million Bitcoin Price Prediction Suddenly Emerges From Past

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

According to user @Vivek4real_ X, the very first prediction about Bitcoin possibly skyrocketing to $10 million per coin in the future was by none other but Hal Finney – the recipient of the very first Bitcoin transaction from the enigmatic Satoshi Nakamoto himself.

However, many believe that Hal Finney was Satoshi’s real name. There is no way of finding out for sure now since the cypherpunk sadly passed away 10 years ago – on Aug. 28, 2014. He suffered from amyotrophic lateral sclerosis (ALS), diagnosed in 2009 (the year of Bitcoin's launch), and he passed away when he was 58.

In the X post, @Vivek4real_ shared a screenshot of Finney’s letter, in which the latter described the conditions under which Bitcoin could soar as high as $10 million per coin in the future. According to Finney, to make that happen, Bitcoin needs to become “the dominant payment system in use throughout the world.” In this case, the “Satoshi candidate” continued, the total value of Bitcoin needs to reach equality with the total value of the wealth in the world.

Back in 2009, the total worldwide household wealth equaled $100 to $300 trillion. That divided by 20 million (for some reason used by Finney instead of the 21 million total Bitcoin supply) would make each BTC worth approximately $10 million.

Finney then pointed out that mining Bitcoins with compute time worth just a few cents could prove “quite a good bet with a payoff of something like $100 million to 1.”

Related

Thu, 09/12/2024 - 08:40

Anthony Scaramucci Teases His New Book on Bitcoin with Michael Saylor’s Foreword

Yuri Molchan

Bitcoin to hit $10 million in 21 years

This week, during his visit to CNBC’s Squawk Box show, Bitcoiner and MicroStrategy executive chairman Michael Saylor made a similar prediction. He expects BTC to reach $10 million in 21 years - as soon as Bitcoin absorbs approximately 7% of the gold market. Currently, it holds only 0.1% of it.

Many Bitcoiners supported that bullish forecast.