A former lead developer of the Bitcoin network hypothesized the possible future of the world’s most popular cryptocurrency, which included epic price predictions.
software developer Gavin Andresen Recently published a blog post titled “Possible BTC Future” in which he predicted the demise of the Bitcoin network.
Before BTC comes to an end, it will reach a price of $6 million per coin in 2061. Andresen predictBefore you get too excited, he added that due to massive inflation, today’s $1 million will be worth $6 million in the next 40 years.
The former Bitcoin client programmer admitted that his predictions are “a small part of science fiction”, but this scenario is entirely possible. He added that the transaction fee is about $7,500, but most transactions do not occur on the network itself.
Instead, they will use the packaged tokens on the mirror chain to save costs and increase speed. The whale that controls the whole thing will continue to trade on the main chain. Andresen predicts that by 2100, these whales will realize that mining fees have fallen to close to zero and that there are very few transactions, so they will close it.
“In the end, the new BTC generated on the BTC network is zero, and the BTC circulating on the BTC network is zero. There is nothing to protect, and the chain stops.”
He added that the silver lining is that there will still be around 20 million BTC moving on other blockchains, which will maintain their value through scarcity. Mathematically speaking, the last Bitcoin will be mined in 2140. Currently, only 2.17 million or 10.5% are to be mined.
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Anderson is also the founder of the Bitcoin Foundation. He resigned from his leadership position in 2014 and has gradually faded out of sight in recent years. In 2016, he was ostracized by the Bitcoin community because support Craig Wright claims to be Satoshi Nakamoto, the creator of BTC.
He later admitted that it was a mistake and Testified that he was “fooled” by Wright’s statement June 2020.