The former lead developer of the Bitcoin network envisioned a possible future for the world’s most popular cryptocurrency, which includes an epic price prediction.
Software developer Gavin Andresen recently published a blog post titled “The Potential Future of BTC” in which he predicts the disappearance of the Bitcoin network.
Andresen predicts that before BTC reaches the end, it will reach $6 million per coin in 2061. Before getting too excited, he added that $1 million today will be worth $6 million over the next 40 years due to massive inflation.
The former bitcoin client programmer admitted that his predictions were a “small piece of science fiction,” but the scenario is entirely possible. He added that the transaction fee will cost about $7,500, but most transactions will not take place on the network itself.
Instead, they will be on a reverse chain, using encapsulated tokens to save fees and increase speed. The whales who wanted to control everything continued to trade in the main chain. By 2100, these whales will realize their mining fees have fallen to nearly zero, and there will be very few transactions to close, Andersen predicted.
“Eventually, zero new BTC will be produced on the BTC network, and zero BTC will be traded on the BTC network. There is nothing else to defend and the chain will stop.”
On the positive side, he added, about 20 million bitcoins will still be in circulation in other blockchains that will retain their value through scarcity. Mathematically, the last bitcoin will be mined in the year 2140. Currently, only 2.17 million, or 10.5%, have yet to be produced.
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Andersen, who also founded the Bitcoin Foundation, stepped down from his leading role in 2014 and has been out of the public eye in recent years. In 2016, he was kicked out of the Bitcoin community for supporting Craig Wright’s claim that he was the creator of BTC Satoshi Nakamoto.
He later admitted that this was a mistake and testified that he had “cheated” him with Wright’s remarks in June 2020.