Blockstream founder and CEO, Adam Back, has said the price of Bitcoin will soon cross the much-expected $100K, saying the fact that the digital cryptocurrency already crossed $10K a few times in the past indicates $100,000 is not far insight.
Adam, whose firm builds crypto-financial infrastructure based on Bitcoin, said it was weird to believe Bitcoin could reach $1K or $10K in the past until it did.
“And $100k Bitcoin doesn’t seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.”
And $100k Bitcoin doesn't seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.
— Adam Back (@adam3us) January 11, 2020
He said Bitcoin is closer to $100,000 than it sounds, considering the present high inflation of USD that he said is being aided by the “Modern Monetary Theory rationale for high inflation”.
Hal Finney Foresees Bitcoin at $10 Million
Adam made this comment in response to a statement made by Hal Finney, one of the early adopters of Bitcoin, 11 years ago when he first made use of Bitcoin technology.
— halfin (@halfin) January 11, 2009
Hal Finney, who adopted Bitcoin technology in 2019, foresaw that Bitcoin could reach $100,000 anytime. He made this prediction, in a mail, now archived.
Finney imagined that Bitcoin could be successful and finally become the dominant payment system adopted across the globe.
He said during this time, the value of Bitcoin should be equal to the total value of all the wealth in the world.
Hal then estimated the total worldwide household wealth to be around $100 trillion to $300 trillion. He said 20 million coins gives each Bitcoin a value of $10 million.