What is the value of 1 bitcoin? Bitcoin pioneer Hal Finney: $10 million

Bitcoin has been in existence for 10 years since its birth. Many people are guessing, if the world uses bitcoin, what is the price of a bitcoin?

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If a large amount of global wealth flows into the bitcoin market, the price of bitcoin will soar. Is the price of Bitcoin ok? Let's take a look at how the big cows in the Bitcoin community predicted.

Hal Finney: 1 bitcoin = $10 million

Hal Finney is the first user of the Bitcoin network. In fact, the first transaction on the Bitcoin network was sent to him by Nakamoto. Just a few days after the Bitcoin network was first launched, he was already considering how much the price of Bitcoin could be if the market value of Bitcoin equals the total value of all the wealth in the world. Hal Finney wrote on the cryptography mailing list :

We can make an interesting guess. Imagine if Bitcoin succeeds and eventually becomes the world's main payment system, then the total value of Bitcoin should equal the sum of all the wealth in the world. I estimate that the current global family wealth is between $100 trillion and $300 trillion. With 21 million bitcoins, each bit is worth about $10 million.

Therefore, it is a good bet to dig up Bitcoin with cheap computer computing power, and the return is about 100 million times!
In the early days of Bitcoin, it was possible to mine with a normal computer. As long as you keep your computer on, you can get some "worthless" bitcoin. At the time, it didn't sound tempting. However, Hal Finney did make a good argument. Those who started to dig coins in 2009 have already achieved very impressive returns.

The scarcity of bitcoin is a big selling point

One of the most attractive features of Bitcoin is its scarcity. Unlike legal tender, the supply of bitcoin is only 21 million, while the fiat currency can be printed freely by the state. Similar to Hal Finney’s point of view, others are also emphasizing how scarce Bitcoin is.

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The actual circulation of Bitcoin is very small, with less than 18 million, which is incredible.

It’s just too little!

Cairo citizens have no way to work alone!

All you need is a bitcoin that will change your life.

– Charlie Shrem August 23, 2019

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Zhao Changpeng, CEO of the currency security company, also discussed this topic on Twitter. Many people commented that cryptocurrencies can promote the largest transfer of wealth in the history of the world. Today's tenants will become 1% tomorrow.

If you have 1 bitcoin, from a mathematical point of view, you are definitely the richest three thousandth in the world. (21 million bitcoins / 7 billion people).

– CZ Binance August 25, 2019

Maybe you will think that these predictions are a bit exaggerated, but they are not out of touch with reality. If Bitcoin becomes the world's currency, it will incite every financial system and give people around the world a certain degree of economic freedom.