Adam Back, co-founder of Blockstream and one of the first contributors to the creation of Bitcoin, said Hal Finney's predictions made early in the $ 10 million cryptocurrency are not as "crazy" as they seem. In 2009, in an email exchange with the anonymous creator of Bitcoin Satoshi Nakamoto, Finney reflected on how high the price of Bitcoin could be.
“As a fun experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use worldwide. Then, the total value of the currency must be equal to the total value of all the world's wealth. The current estimates of the total wealth of households around the world that I have found range between $ 100 and $ 300 billion. With 20 million coins, this gives each coin a value of approximately $ 10 million, ”said Finney.
According to Back, the large number can be achieved if Bitcoin gains widespread use as currency and if the value of the dollar falls significantly in the coming years and decades.
“It’s closer than it seems on the road to hyperbitcoinization . The inflation of the dollar increases, for example, aided by the logic of the Modern Monetary Theory for high inflation, so that $ 1 is worth, for example, 10 cents for a decade or two of monetary madness (…) And the value of Bitcoin at $ 100,000 does not seem to be far away now, since we have already exceeded the $ 10,000 threshold sometimes, when few expected up to $ 1,000 a few years ago and those who predicted $ 10,000 seemed crazy. ” Tweeted Cypherpunk.