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Did You Know the First $10M Bitcoin Price Prediction Was 17 Years Ago?? | Bitcoin Simply · Simply Bitcoin

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  It seems like almost every day we get a new Bitcoin price
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  prediction. But did you know the very first
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  Bitcoin price prediction happened 17 years ago, just two
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  days after Bitcoin was launched? Legendary Cypherpunk Hal Finney
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  Imagine a world where Bitcoin was worth $10 million a coin
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  back when it was worth 0 and had zero users.
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  And this was insane for people even back at the time, and it
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  might be insane for people today.
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  There was no price, there was no exchanges, there were no
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  institutions. There was literally no one using
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  Bitcoin other than hell. But Fast forward to today, when
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  you see rising inflation, the value of gold, bonds, stock,
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  real estate, Bitcoin capturing $100 trillion market doesn't
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  seem so speculative. What Hal Finney understood a
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  long time ago was that Bitcoin was competing for the global
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  store of value. And today we're going to take
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  some time to remember Hal Finney and what running Bitcoin meant
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  back then and what it means today.
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  This is Dante Coco Bitcoin. Simply let's go.
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  All right, I know some of my viewers aren't football or
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  basketball fans. I tend to talk a lot about
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  football, but let me start off by saying yesterday was a great
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  day to be a football fan. The Panthers Rams game was
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  amazing. They had four fourth quarter
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  lead changes and the ending was amazing.
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  The Rams snuck it out in the end, but the Bears game was
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  incredible on 4th down with the season on the line.
• 1:18
  Caleb Williams made the throw of a lifetime on 4th down with the
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  game on the line, rolling to his left with a defender on his
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  heels. He literally did the Jordan pose
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  in order to make a throw that we might not ever see again for a
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  long time. Second.
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  Down. Let's go back to that previous.
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  Bears came back down from 18 points and one unbelievable
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  finish. And you also know why January
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  10th is such a special day. Well, it's a special day not
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  because of football, but because it was the first day beyond
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  Satoshi Nakamoto that there was another person running Bitcoin.
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  And we all know that person now to be Hal Finney.
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  Hal Finney is not only considered one of the fathers of
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  Bitcoin, but one of the fathers of privacy.
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  In a digital age period. He's been part of building tools
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  to help everyday people defend themselves against government
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  overreach for almost 30 years prior to Bitcoin, he said, I
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  think I was the first person besides Satoshi to run Bitcoin
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  mining block 70 something. I was the recipient of the first
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  Bitcoin transaction when Satoshi sent 10 coins to me as a test.
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  And literally the next day, on January 11th, he predicted the
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  first Bitcoin price prediction ever that Bitcoin will be worth
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  $10 million a coin. He said imagine if Bitcoin
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  became successful and became the dominant form or payment system
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  throughout the world. It would capture a 100 trillion
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  into $300 trillion wealth market.
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  The thought of this was ridiculous at the time, even to
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  people like Adam Beck. When asked about the early
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  cypherpunk movement in the beginning of Bitcoin, Adam Beck
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  had this to say about Hal Finney.
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  Are there any other like early cypherpunks that were critical
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  to the development of Bitcoin that don't get enough light or
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  people aren't as aware of as the main ones?
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  Well, I mean, I think Nick's oppo and wait, I that have you
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  know, I mean, it seemed like so she wasn't aware of B money and
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  big gold from my interactions and my my e-mail exchanges
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  weren't there weren't many of them, but they were published as
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  part of the Copa trial. So people can look at them and
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  try and form their own view. But it seemed like he didn't he
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  wasn't aware and of either of those projects.
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  It seems like he sort of independently clearly is aware
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  of Hashcash and he independently rediscovered and added the B
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  money citation when I sent it, sent him that as a suggested
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  thing to look at and I'd kind of half forgotten about bit gold at
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  the time. Otherwise he might have cited
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  that. So and I think how Finney, you
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  know was quite active in the very early Bitcoin period,
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  right? I think he tried it out and
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  received the first transaction, I think like block 9
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  transaction. And actually, you know, I think
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  within a day of Bitcoin network starting, he put his kind of,
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  oh, Bitcoin could hype the addressable market for Bitcoin
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  is $100 trillion. It's just crazy, right?
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  It's like day one, there are no users and he's thinking big
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  picture. And of course, now we are, you
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  know, much, much closer to that and at that time, so.
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  What's fascinating about this is that how Finney had passion and
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  zeal when many of the other Gray haired cypherpunks had lost
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  interest and it lost faith and it lost hope.
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  There had been starts and stops with other people trying to
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  create payment technology on top of private public key
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  cryptography. Howe believed that a computer
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  could be used as a tool to liberate and protect people and
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  not to control them. Let me take you back to a paper
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  he wrote in the spring of 1993. Here's what he had to say.
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  How can we defend our privacy in an era of increased
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  computerization? Today, our lives are subject to
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  monitoring in a host of different ways.
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  Every credit card transaction goes into a database.
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  Our phone calls are logged by the phone company and used for
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  its own marketing purposes. Our checks are photocopied and
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  archived by the banks. And new matching techniques
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  combine information from multiple databases, revealing
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  even more detail about our lives as computer databases grow.
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  As more transactions take place electronically over phone
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  systems and computer networks, the possible forms of monitoring
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  will grow with them. Predictably, most proposed
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  solutions to this problem involve government.
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  Here's when he had a novel idea and a novel concept proposed by
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  David Shaman, others in the cypherpunk movement.
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  What if we use public key cryptography?
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  What if one key, a public key was known to everybody?
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  The encrypted message that can only be decrypted by a private
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  key, a key that someone else owned.
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  He'd believed that this was the primary way that we could defend
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  against government overreach. In 1994, he said if you want to
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  change the world, don't protest, write code.
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  And as time went on, more discoveries were made.
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  Other attempts to push the boundaries of this public
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  private key cryptography in the form of payments.
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  And this led him on a path to discovery, a path that he would
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  obsess about for the next decade.
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  In 2004, he came up with the concept of a reusable proof of
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  work. You do real computational work
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  to create a token. You would send it to a server, a
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  transparent server that everybody could see that would
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  then destroy it and give you a new token of equal value.
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  You could reuse that proof of work without cheating the
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  system. Digital scarcity at this point
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  became real, transferable, tangible, and something that you
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  couldn't fake. And up until this point, well,
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  there have been and some other attempts to do this, but this
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  was a real breakthrough. So when Bitcoin was released in
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  2009, he saw practical value and practical use for this sort of
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  system. He said it was a global,
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  decentralized yet consistent database.
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  There's many applications for a global consistent database.
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  He even predicted in the future that there would be Bitcoin
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  backed banks, that banks would have Bitcoin as the reserve
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  underlying currency, but would issue their own digital cash or
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  their digital currency on top of it.
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  He would continue his quest to work on Bitcoin, albeit with
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  much less fervor and much opportunity to do so because he
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  was diagnosed with ALS. After he was diagnosed, he
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  wanted to put out this video before he started to decline in
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  his health about his diagnosis, in his outlook on Bitcoin
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  cryptography and when he gets focused on a topic or something,
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  how he just gets so into it. Name is Hell Femi and I'm making
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  this recording for a few reasons, mostly because I want
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  people in the future to be able to hear my voice and maybe
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  something of my story. I was diagnosed 6 months ago
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  with ALS and as a result I will be losing the ability to speak
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  among other things. And so this will be an
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  opportunity for me to talk and and I appreciate the the
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  opportunity here to be recorded into a lot of people in the
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  future to hear me speak even when I can no longer do so.
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  One of the peculiarities of my youth is that I do not have a
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  very high opinion of my own abilities.
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  I was always very modest and really didn't think of myself as
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  being particularly smart or unusual.
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  I just thought I was more interested in certain topics
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  than other people, but that that was why I was better at those
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  subjects was just more due to interest than ability.
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  Sometimes I find a technical subject just becomes absolutely
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  fascinating to me. In fact, fascinating was an
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  understatement. Obsession would be a better
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  word. I can't think about anything
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  else. And it's just learning about
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  this technology, particularly in terms of computers, because when
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  you learn a new computer technology, you can immediately
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  put it to work by writing the software to to use it and to
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  make be able to do things you couldn't do before.
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  So this has happened to me a number of times over the years.
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  It's completely uncontrollable when it happens.
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  And it's really good in a way that I'm amazingly productive
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  during these times. I can write an amount of
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  software programs that would take a normal person months and
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  months to write, and I can just do it in a few days because I'm
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  so excited and driven and obsessed about it.
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  Howe wrote about his journey in Bitcoin in 2013.
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  In his final post called Bitcoin and Me.
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  He talks about his journey interacting with Satoshi
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  Nakamoto, about him being one of the first people to run Bitcoin,
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  receiving the first coins from Satoshi.
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  He talked about his love for running and how he started to
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  push the boundaries of computer and hardware technology in order
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  to be able to live and function normally.
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  But I love how he ended the post.
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  He said I'm pretty lucky overall, even with ALS.
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  My life is very satisfying with how I see a man who was curious,
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  a man who was hopeful in the face of death, a man who was
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  thoughtful, a man who thought about more than himself.
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  A man who thought about the future and how he could use his
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  skill sets, his talent, and his treasure to protect and defend
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  others. He saw a future that was better
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  than the one that he lived in today.
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  How Finney passed away on August 28th, 2014.
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  And he fought against ALS every step of the way.
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  And in that video that I shared, you can see his wife, Fran
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  Finney. I want to highlight what she's
• 10:42
  been doing in order to honor Hal and bring awareness to ALS that
• 10:46
  we can all be a part of. Lenin has been the leader in
• 10:48
  Bitcoin back loan since 2018, issuing over $9 billion worth of
• 10:52
  loans to 10s of thousands of customers all across the globe.
• 10:54
  People that don't want to sell their Bitcoin that understand
• 10:57
  that they're holding an asset that's going to be able to
• 10:59
  absorb 100 trillion to $300 trillion worth of wealth that'll
• 11:03
  be worth $10 million one day. Yeah, you don't want to sell
• 11:06
  that kind of asset, you want to borrow against it.
• 11:08
  You can borrow up to 50% loan to value to this and Fiat can be in
• 11:12
  your account in less than six hours.
• 11:13
  Don't worry, letting is proven and they are a leader in this
• 11:17
  space and they have over 1005 star customer reviews.
• 11:19
  So you can feel safe that your Bitcoin is still there.
• 11:22
  If you don't feel safe from what other people say, you can
• 11:24
  actually just see the Bitcoin in the address in the dashboard
• 11:28
  when you log in. The application takes just two
• 11:30
  minutes and you get .25% off your first loan by going to
• 11:32
  learn dot letting dot AO slash simply to get started.
• 11:35
  One of the other ways you can continue to grow in your journey
• 11:37
  in Bitcoin. On this show, we talk about it
• 11:39
  often it's by taking self custody of your Bitcoin.
• 11:42
  Having both the public key is not enough.
• 11:45
  You need to have the private key to decrypt that encrypted
• 11:48
  message that says that this transaction belongs to me.
• 11:52
  I am the owner of this. While you can learn how to do
• 11:54
  that privately, safely, securely, and confidently by
• 11:57
  scheduling a free 30 minute consultation with the team at
• 12:00
  The Bitcoin Way. Get a coach to help coach you
• 12:02
  through exactly what this means and what it means to your
• 12:04
  future. To honor Hal and one of his
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  lifelong passions, his wife Fran Finney has been carrying the
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  torch in the Beacon for raising awareness throughout the Bitcoin
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  community and even further with the Running Bitcoin Challenge.
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  This has been used to raise millions of dollars in awareness
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  towards ALS. Starting from January 10th to
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  January 31st of every year, we're challenged to walk, run
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  the equivalent of 1/2 marathon or 201K whenever you can and
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  however you can throughout the course of the year.
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  And that's always been labeled hashtag running Bitcoin
• 12:36
  Challenge online if you want to participate.
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  It's a great event and I'm going to be taking part of it this
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  year and also donating. But to end our episode and to go
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  back how Finney's $10 million prediction when Bitcoin had no
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  users, no traction in the global wealth wasn't as large as it was
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  in 2009 as it is today. It's just absolutely insane and
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  absolutely mind blowing. Let's go back to this
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  conversation that Adam Back have with Joe Burnett and understand
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  why this was such a crazy thing. Bill thought that $10,000 was a
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  pipe dream and never going to happen, right?
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  So I think half any was just like, you know, a decade ahead
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  of his curve in terms of thinking about, you know, that
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  this could actually happen, right?
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  So I think, you know, because if everybody was 100% convinced,
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  but it's going there, it would already be there, right?
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  And so there's there's got to be doubt about the, you know, the
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  pace of adoption, how much more money is, you know, what the
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  addressable market actually is. We don't we don't fully know.
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  I mean, I think half in his estimate is reasonable because
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  still today, you know, even they made it is because there is a
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  lot of monetary premium where people are trying to protect
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  themselves from inflation and safe by, you know, buying real
• 13:44
  estate. In some cases they're not even
• 13:46
  using it. It's just vacant.
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  But you know, there's a lot of that in New York and China are
• 13:49
  in different places, right? And that is not a great thing.
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  So it makes housing less affordable.
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  And if there was a, you know, financial products or a monetary
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  instrument that did that for you, it would make housing more
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  affordable. So improve, you know, cost of
• 14:05
  housing, access to housing, quality of housing that you can
• 14:09
  afford on a budget. So those will all be good
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  things. And there are other things with
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  monetary premium or where people are trying to protect against
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  inflation like, you know, the bond market and some more
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  esoteric things like art, wine, where people use that as a kind
• 14:24
  of novel way to protect against inflation.
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  And if you Add all that stuff up, it's near 200 trillion is
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  possibly a conservative estimate at this point because had a lot
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  of inflation between 2000. When you understand what's
• 14:39
  happening with global assets, you understand that the price
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  and the value of these assets continues to go up
• 14:44
  astronomically, meaning that people are not able to opt into
• 14:48
  the existing wealth growing machine that has been available
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  to people for the last 30-40 fifty years.
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  And when you combine this with the fact that governments and
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  corporations now have more control to our digital
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  identities, while we need some sort of system that's going to
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  be able to protect us against their overreach, but also allow
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  us to capture global wealth. And 100 and trillion to $300
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  trillion worth. Being a whole coiner is going to
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  be the equivalent of being a millionaire back from when I was
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  growing up. That will be the standard right
• 15:18
  now. When you hear a $10 million
• 15:20
  Bitcoin price prediction, like what we're about to hear from
• 15:22
  Michael Saylor, you understand how much of a discount that
• 15:25
  Bitcoin truly is. We're winning.
• 15:28
  But I guess the good news for everybody is we're going to keep
• 15:32
  winning for the next 10 years. And there's forty quarters
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  during which Vanguard will first accidentally own my stock, then
• 15:41
  they will grudgingly let you buy it, then they will allocate 1%
• 15:45
  to it, and then they'll be like, wow, it's AI.
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  Guess it's a good idea. And when I say, and I've said
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  it, Scott, and you've heard, it's like by the time the
• 15:52
  bankers tell you it's, it's OK to buy it, it'll cost you
• 15:55
  $1,000,000 a Bitcoin. And when they tell you what's a
• 15:58
  good idea, it'll cost 10 million a Bitcoin.
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  So you're getting a 99% discount right now to do the work
• 16:04
  yourself and show some courage and you get a 99, a 90%
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  discount. You know when they make it easy
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  for you, but you'll pay 10 times more.
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  Well, it's been a pleasure watching you do the work for the
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  last five years. Ladies and gentlemen, Michael
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  Saylor. Thank you.
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  It's at a 99% discount right now and a 90% discount once the
• 16:24
  banks make it easy, $10 million Bitcoin is inevitable.
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  When you look at the global wealth meltdown that's happening
• 16:29
  in the traditional financial system.
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  One of the things I love to do is take time to remember to
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  honor people who have come before us, who laid the
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  groundwork in the foundation. And I'm super grateful for how
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  Finney, all of the work that he did with PGP, all of the
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  sleepless nights that he had with Bitcoin and coding it and
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  trying to create tools and technology for us to have a
• 16:45
  better future. A feature that I believe that
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  we're going to need more and more as we continue into this
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  digital dystopia that we're moving towards.
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  Thank you, Hal and Fran for what you did.
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  Thank you for what you continue to do.
• 16:57
  And that's what I'll always remember on January 10th.
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  One of the ways you can continue to stack sats, especially if you
• 17:03
  believe that Bitcoin is going to be worth $10 million a coin like
• 17:05
  how Finney did, is you can continue to stack sats in
• 17:09
  multiple ways. Not just buying it on exchange
• 17:11
  and then removing it to a hardware wallet, but also buying
• 17:14
  Bitcoin. Through Bitcoin mining, you can
• 17:17
  buy a state-of-the-art mining machine and have the team at SAS
• 17:19
  Mining hosted for you. There's no markups, no middle
• 17:22
  men, no contracts. You wire money onto their
• 17:24
  account, they buy machines, they host them with 100% carbon free
• 17:28
  renewable energy sources and sats flow directly to your
• 17:30
  wallet. Continue to stack sats because
• 17:32
  it's going to be very difficult to be a whole corner moving
• 17:35
  forward. Do that every way that you can
• 17:37
  work with the team at SAS Mining by using the QR code here to get
• 17:41
  started. This is Dante Coke with Bitcoin.
• 17:42
  Simply happy stacking Go Eagles.