An ex-Lead Developer for Bitcoin Network has predicted a future for the most widely used cryptocurrency in the world, with an incredible price prediction.
Gavin Andresen, a software developer, published a blog post titled “A Possible BTC Future”, in which he predicted the end of the Bitcoin network.
Andresen predicts that BTC will be worth $6 million per coin by 2061 before it reaches its end. He also stated that $1 million dollars today would be worth $6 million over the next 40 years due to inflation.
Although the former Bitcoin client programmer admitted that his predictions were “little bit of science fiction,” he said that it was possible. He said that transaction fees would be around $7,500, but that most transactions won’t occur on the network.
They would instead be on a mirror chain that uses wrapped tokens to reduce fees and increase speeds. The entire thing would be controlled by the whales. They would still transact on the main network. Andresen predicted that by 2100 these whales would have realized that the mining fee has fallen to almost zero and that so few transactions are taking place, so they would shut it down.
“Eventually, there will be no new BTC produced on the BTC Network and no BTC circulating on it.” The chain is now dead.
There will be around 20 million Bitcoins still available on other blockchains, which would preserve their value through scarcity. Mathematically speaking, the last Bitcoin will be mined in 2140. Only 2.17 million (or 10.5%) of Bitcoins are currently mined.
Related:5 Surprising facts from Gavin Andresen’s Sworn Deposition
Andresen was also the founder of the Bitcoin Foundation. He resigned in 2014, and has been quiet in recent years. He was expelled from the Bitcoin community in 2016 for his support of Craig Wright’s claim to be Satoshi Nakamoto, the creator of Bitcoin.
Later, he admitted this mistake and said that Wright’s June 2020 claims had “bamboozled him”.