Ex-bitcoin leader predicts the fall of the BTC network … with a huge layer of silver
A former senior developer on the Bitcoin network has postulated a possible future for the world’s most popular cryptocurrency, including epic price predictions.
Software developer Gavin Andresen recently published a blog post entitled “A Possible BTC Future” predicting the collapse of the Bitcoin network.
Andresen predicts that BTC will reach a price of $ 6 million per coin by 2061.
The former Bitcoin client programmer admits that his predictions are just a “science fiction novel,” but that scenario is entirely possible. Transaction fees will cost around $ 7,500, but most transactions won’t happen on the network itself, he added.
Instead, they’re in a mirrored chain with wrapped tokens to save on fees and improve speed. The whales who will control everything will continue to operate on the main chain. By 2100, these whales will realize that mining fees have dropped to near zero and so few transactions have taken place that they will close it, Andresen predicts.
“Ultimately, no new BTC is produced in the BTC network and no BTC circulates in the BTC network. There was nothing more to secure and the chain stopped. “
It’s worth noting that there will still be around 20 million BTC floating around on other blockchains that will keep their value through scarcity, he added. Mathematically, the last bitcoin will be mined in 2140. Currently only 2.17 million or 10.5% are being mined.
Related: 5 surprising facts from Gavin Andresen’s curses
Andresen, who also founded the Bitcoin Foundation, stepped down from his leadership role in 2014 and has retreated from the limelight in recent years. In 2016, he was banned from the Bitcoin community for supporting Craig Wright’s claim to be BTC inventor Satoshi Nakamoto.
He later admitted it was a mistake and testified that he was “obsessed” by Wright’s June 2020 testimony.