Categories: Bitcoin Business

Late Hal Finney Predicted $10 Million Per BTC After Satoshi Release

Click here to view original web page at coinfomania.com

Although some Bitcoin critics will spite anyone who believes that the cryptocurrency will be worth more than 1000× its current value in the future, one of its lead developers saw the light before everyone did.

In a congratulatory email that late Bitcoin developer, Hal Finney sent to the pseudonymous Bitcoin creator Satoshi Nakamoto in January 2009, he predicted that one BTC would be worth at least $10 million if certain conditions are met.

After congratulating Satoshi on the launch of the Bitcoin 0.1, Hal Finney wrote as part of what he termed 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 the currency should be equal to the total value of all the wealth in the world.

Putting numbers into perspective, Hal Finney added,

Current estimates of total worldwide household wealth that I have found range from $300 trillion to $100 trillion. With 20 million coins, that gives each coin a value of about $10 million.

To be clear, Hal’s calculation of 20 million coins likely took into consideration the fact that Satoshi Nakamoto and a few others will mine the earliest coins or either the use of 20 instead of the original 21 for the total number of Bitcoin was a typo.

Either way, the now-deceased genius programmer although at that point saw Bitcoin’s potential, may not have believed it would reach its current level of success for he also said in that email that the chance of Bitcoin succeeding was ‘very slim.’

Fast forward to a little over ten years later, Bitcoin is trading above $10,000 per coin, representing an over 7500% yield for those who got their share of it at the time that Hal Finney did.

Despite the incredible returns, though, the upside for Bitcoin is still a long way off if Hal Finney’s prediction were to come through. The price of the leading cryptocurrency will have to grow by 1000x it’s current value for that target to be met.

Although realistically that could take many years from now, relieving Hal’s initial thoughts about Bitcoin appears to indicate that the holders of the cryptocurrency are in for a tasty treat!

Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Price Chart Forecast: BTCUSD Awaits Pennant Breakout

Bitcoin Price Forecast: A series of lower highs and slightly higher lows has formed a pennant pattern Regardless of direction,… Read More

2 hours ago

Billionaire Blackstone CEO Heaped Praise On Blockchain—But Made A Bitcoin Warning

Bitcoin has won over many from the traditional finance industry , but far more of the investment old guard remain… Read More

2 hours ago

Early Ethereum advisor charged with extortion and arrested

The accused, Steven Nerayoff, violated the agreement made with a blockchain firm. If found guilty, Nerayoff and his associate Michael… Read More

2 hours ago

CME Group Reveals Plan for Bitcoin Options in Q1 2020

Leading derivatives exchange operator, CME Group announced in a press release today that it will launch options on its bitcoin… Read More

8 hours ago

Analyst: Bakkt Launch to Improve Trustworthiness of Crypto Markets

For the past year many participants within the crypto markets have been looking towards the official launch of Bakkt as… Read More

8 hours ago

IBM Stock Gets a Blockchain Pop

IBM (NYSE: IBM ) investors haven’t had all that much to complain about in 2019. After a precipitous drop over… Read More

8 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More