In recent years, many crypto experts have speculated Bitcoin price if the global economy switched to Bitcoin as the legal tender. For example, if a lump sum of global wealth is moved into Bitcoin, will the price of BTC would skyrocket? Here’s an analysis of several calculations that have been made by members of the crypto space.
Bitcoin (BTC) Price Today – BTC / USD
Analyst Says Generating Tokens today with Little Computing Time Will be a Good Bet in Long-term
Hal Finney is one of the first individuals to use Bitcoin’s Blockchain network. In fact Finney actually received his first transaction directly from BTC creator Satoshi. Only days after launching the Bitcoin network, Finney was already speculating what the price of BTC might look like should the market cap of the digital asset equal the total value of the world’s wealth. Here is what Finney said while speaking on the crypto mailing list:
“The current estimates of the total worldwide wealth ranges from about $100 trillion to $300 trillion. Hence, with only 21 million coins, each coin will have a value of $10 million. Which is why the possibility of generating tokens today with less computing time may offer a good bet after all. In such a scenario you can expect a payoff of 100 million to 1 BTC token.”
The analyst added that back in the early days of Bitcoin, it was still possible to mine BTC with a simple consumer-grade machine. However, leaving your system on for days to get some few or additional insignificant digital coins did not sound very appealing at the time. However, Finney made a strong argument. Those who were able to mine BTC in 2009 have been able to get some considerable returns.
Scarcity is a Selling Point for BTC
Note that, one of Bitcoin’s best qualities is scarcity. It isn’t like fiat that can be printed by the state. Bitcoin has a limited supply. There are only 21 million BTC out there that cannot be changed. Recently Hal’s mailing list post and others have made attempts to highlight how scarce Bitcoin really is. Such power gives BTC a strong selling point.
Binance CEO recently tweeted about the above subject as well. And a large number of people have mentioned that crypto could facilitate the largest wealth transfer ever in the history of the world.
Bitcoin will Shake Up the Financial System if it Becomes the Global Currency
The above projections might appear a bit outlandish. However, they are not necessarily unattainable. If Bitcoin should become the global currency, it would shake up the financial system. This will allow people around the globe to enjoy economic freedom.
Do you think it will be possible for cryptocurrencies to completely replace fiat and become the global base currency? Or will it continue to exist as an alternative currency? Does BTC have what it takes to become a global currency?