A Reddit user named Luka Magnotta claimed to be a time traveler from the future in a post from 2014. In the post, he made an accurate prediction for the price of Bitcoin in 2017, saying it would hit USD 10,000, which is exactly what happened. At the time of the prediction, almost no one believed Bitcoin’s price would get so high.
Although the Redditor never returned, his story continues to resurface in conversations, especially in 2017 when Bitcoin surpassed his prediction.
Magnotta made the post to warn humanity about a future where Bitcoin becomes the only global currency. He said that by 2019, Bitcoin would hit USD 100,000 and in 2021 it would hit USD 1 million. After that point, fiat currency would collapse so catastrophically that Bitcoin’s value couldn’t reasonably be measured with US dollars.
Specifically, Magnotta claims to be from the year 2025 and says there will be, on average, BTC 0.003 for every person in the world but due to wealth inequality, a normal person would own only BTC 0.001. In his reality, BTC 0.01 is enough to retire and live comfortably. Investing money would be a thing of the past since Bitcoin doesn’t lose value, causing the global economy to shrink by 2% per year. He claims an annoying neighbor found BTC 0.01 from a Reddit tip and retired from that.
In the Redditor’s world in 2025, there are ‘citadels’ built around Bitcoin mining hubs where wealthy “Bitcoiners” live. It is feared that the next block halving would be catastrophic for the global economy since these citadels have come to dominate the world. The governments of the modern day have mostly collapsed, while North Korea and Saudi Arabia have become global superpowers as their regimes allowed them to accumulate Bitcoin before fiat become worthless. He goes on to describe how North Korea and Saudi Arabia “took over Africa” after a ‘tragedy’ that saw Russian hackers steal most of Africa’s Bitcoin. In general, governments trying to buy up Bitcoin made the situation worse since it sped up the collapse of fiat.
Supposedly, inflationary cryptocurrencies were introduced in an attempt to save the global economy, but no one adopted them because no one wanted to lose savings from inflation.
Magnotta’s outlandish claims, however, appear to have several flaws, beginning with his 2014 prediction of a USD 10,000 Bitcoin in 2017. At its peak, Bitcoin’s global average price hovered near USD 20,000 in December 2017, according to the Coindesk price index – almost double that of Magnotta’s prediction. He similarly missed the mark with his 2015 prediction of USD 1,000 as Bitcoin was never above USD 500 in that year.
Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom
Telegram Alerts from BitcoinNews.com at https://t.me/bconews
Image Courtesy: Pixabay
