How Bitcoin Could Reach the $1M Mark

Darin Feinstein, the CEO of Core Scientific, predicts that the Bitcoin (BTC) price will rise indefinitely, according to maximalist predictions, as its immutable ledger becomes a cornerstone of modern civilization.

The immutability of the Bitcoin network means no one will be able to change what is true, making it a candidate for all future financial products. Feinstein based his bullish predictions on BTC going higher than his 200x from 2012. He bought BTC when it cost $50, resulting in a 900x gain at today’s prices.

Bitcoin Price Will 200x Again in a Decade

Feinstein said that BTC would continue to go up “for the rest of your life.” He predicted another 200x increase for the next decade.

Feinstein said BTC’s immutable ledger is an accounting marvel. Its immutability means that no one can change history. 

Read more: Deploying Blockchain Infrastructure: Challenges and Solutions

In the past, people could modify accounting records to change how events were remembered. Without auditing, these records could erroneously be accepted as universal truth, Feinstein observed.

“If you look at any bank, government, corporation, publicly traded company, all of the information that they report is double-entry accounting that was invented in the 13 or 1400s. So we’re looking at 700-year-old technology running everything on the planet…The legacy stakeholders…can alter the books and records… The only way for somebody to figure out if there was a fraud would be to audit the books.”

Satoshi Nakamoto’s idea of a so-called time chain means that each transaction is recorded with its timestamp. A party cannot go back in time to change past transactions. This benefit is especially pertinent with the rise of central bank digital currencies, where political dissidents could be framed for unauthorized transactions.

The Bitcoin network is, in effect, self-auditing and cannot be changed by anyone who wants to commit fraud. Each transaction has a debit and a credit side that is witnessed and recorded by the blockchain. Feinstein terms the phenomenon “triple-entry bookkeeping.”

Bitcoin Maxi Samson Mow Says $1 Million Price Can Disrupt

A recent poll by Bitcoin maximalist Samson Mow revealed the sentiment of the crypto community around BTC’s future price. The poll asked whether Bitcoin’s ascent to $1 million would be “slow and steady” or “fast and violent.” Most respondents said, “fast and violent.”

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

Mow has been a proponent of the $1 million Bitcoin price thesis for some time. The maximalist recently told BeInCrypto that Bitcoin is often unpredictable and causes economic disruptions. 

For example, a $1 million price increase would make MicroStrategy’s goal of owning 1% of the Bitcoin supply untenable. It would also discourage El Salvador, which adopted Bitcoin as legal tender in 2021, from issuing its much-vaunted Bitcoin bonds. 

On the other hand, a $1 million BTC price would rankle gold bugs like Peter Schiff, who has dismissed Bitcoin as a store of value. It could also put central bank officials out of a job. Mow says these factors exemplify Bitcoin’s potential to disrupt the old guard and their way of doing things.

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