With Bitcoin (BTC +0.47%) on a hot rally and trading near $79,000 as of Aug. 25, it’s a good time to revisit some of the price targets that were proposed during the last bull market. As you may recall, many of the industry’s leaders suggested that it’d one day be worth as much as $1 million per coin — and potentially as soon as 2030.

But Markus Thielen, head of research at 10x Research, rejects that idea, calling a price of $1 million mathematically impossible. Let’s examine his argument and see if it checks out.

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Projections, meet reality

Today, Bitcoin has a market cap of about $1.6 trillion, which is spread across 20.1 million coins.

At $1 million each, the existing supply would be worth roughly $20.1…