Bitcoin
$8,671.25 -0.61%
BTC · 1w

$10 Million Bitcoin Prediction Is ‘Closer Than It Sounds’ - Adam Back

Bitcoin’s $10 million dollar price prediction hits Twitter. Is bitcoin a reserve currency? Some analysts believe U.S. dollar inflation will push bitcoin higher.

According to Blockstream founder and cypherpunk, Adam Back, Hal Finney’s $10 million price point for bitcoin isn’t so far fetched, though, the reasons behind these levels may not be as apparent as you may think.

When it comes to price predictions, crypto analysts often tout the most hyperbolic and over-inflated projections imaginable. From the more modest end of the spectrum at around $10,000, toward the virtually inconceivable heights of $10 million, valuations within this space can vary wildly.

Regardless, some augers of these seemingly aggrandized price points do sometimes offer a reasonable explanation to support them.

Currently circulating its way around the ecosystem are some of the earliest price predictions ever made, and per Back, they may well come to fruition.

The First Bitcoin Price Prediction Ever Made

Hal Finney is frequently praised as one of the most respected cypherpunks of all time. The late programmer is also among the list of presumed identities for Satoshi Nakamoto. Finney was involved in BTC from the get-go. He was the first known recipient of bitcoin and a fervent contributor to its algorithmic foundations.

Moreover, Finney was also responsible for the first-ever price predictions.

Merely a week after the mining of bitcoin’s genesis block, Finney opined that BTC could grasp a value of $10 million per coin.  This hypothesis was based—as many BTC predictions are these days—on bitcoin becoming a de facto global payments system.

Finney wrote:

As an amusing thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use throughout the world. Then the total value of all the currency should be equal to the total value of all the wealth in the world.

Finney went on ...

Continue on ccn.com
Recent news
BTC -0.61% · christianott.co · 9h

Lego Bitcoin

This article shows a build of the Bitcoin logo in Lego! It contains several pictures of the build as well as a parts list.
BTC -0.61% · bitcoinops.org · 10h

Bitcoin Optech Newsletter #81

This week’s newsletter requests help testing a pre-release of the next major version of LND, seeks review of a method for sending payments as part of a chaumian coinjoin mix, links to a work-in-progre...
BTC -0.61% · thetokenist.io · 21h

Grayscale Bitcoin Trust is Now an SEC Reporting Company

On January 21st, 2020, Grayscale Investments announced that its Grayscale Bitcoin Trust has become the first digital currency investment vehicle to attain the status of an SEC reporting company. In la...