Renowned Bitcoin advocate Samson Mow recently shared a bold prediction regarding the future price of Bitcoin on the X social media platform. Mow, who is known for his vocal support of Bitcoin, asserted that a price of $1 million per Bitcoin is not an unrealistic target.
Mow backed his forecast by referencing the insights of Hal Finney, a prominent figure in Bitcoin’s early development. Finney, a software developer who received the first-ever Bitcoin transaction from the mysterious creator Satoshi Nakamoto, believed that if Bitcoin were to become the dominant global payment system, its price could potentially surge to $10 million per coin. This projection was based on the idea that the total value of the Bitcoin supply would then equate to the total wealth of the world.
Finney, who some speculate to be Nakamoto himself, passed away in 2014. In his cited message, he reasoned that with the world’s total household wealth estimated between $100 trillion and $300 trillion during his time, achieving a $1 million price per Bitcoin was a plausible goal if Bitcoin’s supply reached such levels.
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Additionally, Mow highlighted the upcoming Bitcoin halving event, an occurrence not factored into the current price according to Jason Williams, a partner at Morgan Creek Digital. Williams, expressing skepticism toward bankers’ understanding of BTC, suggested that a reverse Cantillon effect is at play with Bitcoin, where proximity to the source of wealth corresponds to increased wealth.
The fourth Bitcoin halving is scheduled for April-May of the next year, reducing miner rewards from 6.25 BTC to 3.125 BTC per block. Satoshi Nakamoto designed this mechanism to make Bitcoin deflationary, with each halving reducing the new Bitcoin supply by half.
Williams also pointed out that Bitcoin has already experienced a remarkable 127% surge in value this year, emphasizing its growth potential, particularly post-halving.