A former lead developer of the Bitcoin network postulated a possible future for the world’s most popular cryptocurrency, which includes an epic price prediction.
Software developer Gavin Andresen recently posted a blog post titled “A Possible BTC Future” in which he predicts the demise of the Bitcoin network.
Before BTC comes to an end, it will hit a price of $ 6 million per coin in 2061, Andresen predicts. Before you got too excited, he added that a million dollars today will be worth $ 6 million in the next forty years, due to massive inflation.
The former Bitcoin client programmer admitted his predictions were a “little piece of science fiction,” but the scenario was entirely possible. The transaction fees would cost around $ 7,500, but most transactions will not be done over the network itself, he added.
Instead, they’d be on a mirrored chain using wrapped tokens to save on fees and improve speeds. The whales, who would control the whole, would continue to transact on the main chain. By 2100, these whales would recognize that mining costs had fallen to near zero and so few transactions were taking place, so they would shut it down, Andresen predicted.
“Finally, no new BTC is produced on the BTC network and no BTC circulating on the BTC network. There is nothing more to secure and the chain stops.
The silver lining is that there will still be around 20 million BTC moving to other blockchains that would retain their value through scarcity, he added. Mathematically, the last Bitcoin is expected to be mined in 2140. Currently, only 2.17 million, or 10.5%, remains to be mined.
Related: 5 surprising facts from Gavin Andresen’s affidavit
Andresen, who also founded the Bitcoin Foundation, stepped down from his lead role in 2014 and stepped away from the spotlight in recent years. In 2016, he was kicked out of the Bitcoin community for supporting Craig Wright’s claims to be the creator of BTC Satoshi Nakamoto.
He then admitted it was a mistake and testified that he was “bamboozed” by Wright’s claims in June 2020.