Computer scientist Hal Finney published a price prediction back in 2009 saying that Bitcoin will reach up to $10,000,000 in about ten years ago and now based on the same prediction he says that Bitcoin will dominate the payment systems around the world so let’s find out more about it in the latest cryptocurrency news.
His prediction was based on the premise that Bitcoin will eventually become the world’s dominant cryptocurrency and he stated that it should be equated to all of the wealth in the world if it became the top payments system. Pieces of the paper that the computer scientist wrote regarding bitcoin v0.1 a decade ago, have made it to Twitter so we can read that:
“You think bitcoin twitter is bullish? Hal Finney was calculating a bitcoin price of $10,000,000 per coin just ONE WEEK after the genesis block on January 3rd, 2009. Absolute legend.”
He also noted that the acceptance of Bitcoin and its rate will initially be slow. This is mainly the adoption rate is also going very slowly and there are only a few people on the plant that holds more than one Bitcoin. Finney noted;
“One immediate problem with any new currency is how to value it. Even ignoring the practical problem that virtually no one will accept it at first, there is still a difficulty in coming up with a reasonable argument in favor of a non-zero value for the coins.”
He also went on to discuss the total worldwide household wealth and once he even estimated that to be around $100-$300 trillion with only 20 million coins issued from the number one cryptocurrency that puts each one at about $10 million. Finney did not use the 21 million BTC which is the actual price limit mainly accounting Satoshi’s stash that could remain locked up forever. It also appears that the little experiment has been a success because with only a fraction of the world’s population holding and using bitcoin, the price of the number one cryptocurrency has skyrocketed over the past few years and has become a massively disruptive force.
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As noted in the altcoin news previously, the governments and central banks are even worried that Bitcoin has the potential to become a dominant force in the payments systems.
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