A former senior developer on the Bitcoin network has postulated a possible future for the world’s most popular cryptocurrency that includes an epic price prediction.
Software developer Gavin Andresen recently published a blog post entitled “A Possible BTC Future” predicting the demise of the Bitcoin network.
Before BTC hits its end, it will hit a price of $ 6 million per coin in 2061, Andresen predicts. Before getting too excited, he added that $ 1 million today will be worth $ 6 million over the next forty years due to massive inflation.
The former Bitcoin client programmer admitted that his predictions were a “little piece of science fiction,” but that the scenario was entirely possible. Transaction fees would cost around $ 7,500, but most transactions wouldn’t take place on the network itself, he added.
Instead, they would be in a mirrored chain, using packaged tokens to save on fees and improve speed. The whales who would control it would continue to do business through the main chain. By 2100, these whales would realize the mining fee has dropped to near zero and there are so few transactions going on that they will close them, Andresen predicted.
“After all, no new BTC is produced in the BTC network and no BTC circulates in the BTC network. There is nothing left to secure and the chain stops. “
The silver lining is that there will still be around 20 million BTC floating on other blockchains that would retain their value through scarcity, he added. Mathematically, the last Bitcoin is supposed to be mined in 2140. Currently only 2.17 million or 10.5% have to be reduced.
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Andresen, who also founded the Bitcoin Foundation, stepped down from his leadership role in 2014 and has stepped back from the spotlight in recent years. In 2016, he was banned from the Bitcoin community for supporting Craig Wright’s claims of being the BTC inventor Satoshi Nakamoto.
He later admitted it was a mistake and testified that he was “bamboozled” by Wright’s claims in June 2020.