Former Bitcoin lead developer forecasts the network’s collapse, but there’s a bright side!

0
6257
former

A former Bitcoin network lead developer has predicted the world’s most popular cryptocurrency’s future, including a massive price forecast.

Former Bitcoin Programmer’s Prediction

Gavin Andresen, a software developer, writes a blog article titled “A Possible BTC Future”. He forecasts the Bitcoin network’s collapse.

According to Andresen, before BTC reaches its conclusion, it will reach a price of $6 million per coin in 2061. However, keep in mind that $1 million will be worth $6 million in forty years due to inflation.

The former Bitcoin client programmer conceded that his forecasts were “a little bit of science fiction”. However, the scenario might happen. He said that transaction costs would be approximately $7,500, but most transactions would not take place on the network itself.

In 100 Years BTC Mining Will Shut Down

Instead, they’d be on a mirrored chain with wrapped tokens to save fees and speed up transactions. The whales, who would be in charge of everything, would keep transacting on the main chain. By 2100, these whales will realise that the mining cost has plummeted to near nothing and that there are so few trades that they will shut it down, according to Andresen.

“Eventually, zero new BTC are being produced on the Bitcoin network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

The bright side is that there will still be about 20 million BTC circulating on other blockchains, retaining their value due to scarcity, he noted. Only 2.17 million, or 10.5% of the total, remain.

Gavin Andresen

Andresen, who also created the Bitcoin Foundation, stepped down as CEO in 2014 and has mostly disappeared from the public eye in recent years. The Bitcoin community kicked him out in 2016 after he backed Craig Wright’s claim to be Satoshi Nakamoto, the founder of Bitcoin.

In June 2020, he confessed that he made a mistake and testified that Wright’s allegations had “bamboozled” him.

Read More:

Cathie Wood, CEO of Ark Invest, forecasts a $500,000 Bitcoin price in five years

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here