Meet Hal Finney, the Bitcoin Pioneer Who Predicted $10M BTC 10 Years Ago

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.

A post shared on X claims that the first prediction of Bitcoin reaching $10 million per coin was made by someone close to Satoshi Nakamoto.

The author of the post highlighted that all the complaints about Bitcoin being predicted to reach $1 million seem insignificant when compared to this earlier ultra-bullish forecast.

According to user @Vivek4real_ on X, the first prediction about Bitcoin possibly skyrocketing to $10 million per coin in the future was made by none other than Hal Finney, who received the first-ever Bitcoin transaction from the enigmatic Satoshi Nakamoto himself.

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

In the X post, @Vivek4real_ shared a screenshot of Finney’s letter, in which he described the conditions under which Bitcoin could soar as high as $10 million per coin in the future. According to Finney, for that to 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.”

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 around 7% of the gold market. Currently, it holds only 0.1% of it.

Many Bitcoiners supported that bullish forecast.

The above is the detailed content of Meet Hal Finney, the Bitcoin Pioneer Who Predicted $10M BTC 10 Years Ago. For more information, please follow other related articles on the PHP Chinese website!