U.Today – Data shared on X indicates that the first prediction of theoretically reaching $10 million per coin in the future was made by a person close to Satoshi Nakamoto.
The author of the post noted that all the complaints about the prediction that Bitcoin would hit $1 million pale in comparison to that ultra-optimistic forecast earlier.
This is the first person to say Bitcoin could hit $10 million
According to user @Vivek4real_ X, the first prediction about the possibility of Bitcoin skyrocketing to $10 million per coin in the future was made by none other than Hal Finney, the recipient of the first Bitcoin transaction from the enigmatic Satoshi Nakamoto himself.
However, many believe that Hal Finney was Satoshi's real name. There is no way to know for sure now, as the cyberpunk passed away 10 years ago, on August 28, 2014. He suffered from amyotrophic lateral sclerosis (ALS), diagnosed in 2009 (the year Bitcoin was launched), and passed away when he was 58.
In post X, @Vivek4real_ shared a screenshot of Finney's letter, in which the latter outlined the conditions under which Bitcoin could skyrocket to $10 million per coin in the future. According to Finney, for that to happen, Bitcoin needs to become “the dominant payment system in use around the world.” In this case, the “Satoshi candidate” continued, the total value of Bitcoin must reach equality with the total value of wealth in the world.
In 2009, the total wealth of households worldwide was between $100 and $300 trillion. This figure, divided by 20 million (for some reason Finney used this instead of the 21 million bitcoins available in total), would result in each BTC being worth approximately $10 million.
Finney then noted that mining Bitcoins with a processing time of just a few cents could prove to be “a pretty good bet with a reward of something like $100 million to $1.”
Bitcoin will reach $10 million in 21 years
This week, during a visit to CNBC's Squawk Box, Bitcoiner and MicroStrategy CEO Michael Saylor made a similar prediction. He expects BTC to hit $10 million in 21 years, as soon as Bitcoin absorbs about 7% of the gold market. Currently, it owns just 0.1% of it.
Many Bitcoiners supported this bullish forecast.
This article was originally published on U.Today
