Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Just don't forget these words by Hal and you all will be good.
"With 20 million coins, that gives each coin a value of about $10 million."
Hal was a smart guy, but he arrived at that number through faulty economic reasoning."With 20 million coins, that gives each coin a value of about $10 million."
.Of course it seems inevitable that if bitcoin remains relevant (which most of us here strongly believe), and the us dollar is still a thing, that purely due to inflation it will reach a 10 million usd/btc price. It just won't be dollars with the purchasing price of those in 2009 when Hal made the prediction.
Yes his reasoning was faulty, bitcoin will be worth a lot more then 10 million and it will happen in our lifetime, most of us anyway.
That "prediction" was made in 2009. Someone updated it recently and the numbers we are looking at in the "end game" are closer to $50 million to $100 million. Each. Per Coin.
Based on how mining and supply will turn out, and this is easy to estimate, we will arrive at these numbers between 20 to 100 years from now. At whatever those numbers mean in the future, in dollar values, in the future, not in today's dollars.