Key Takeaways
- Gavin Andresen is a past lead developer of the BTC network
- He predicted that the value of BTC will rise to $6,000,000 by 2061
- The transaction fee will become $7,500 by then
The former top developer of bitcoin has forecasted what may be the expected happening to the virtual coin which involves an epic value projection.
The Software Engineer whose name is Gavin Andresen recently made a blog post titled "A possible BTC Future" where he predicted the end of the most popular digital coin.
Andresen explained that before this predicted end happens to the coin, it will hit a worth of $6,000,000 for a single coin in the next four decades.
He further explained that the worth of dollars will decrease too as a result of the huge inflation, and he said that $1,000,000 today will have the same worth as $6,000,000 by the said time which is 2061.
The Software developer eventually confessed that his projection is more of a fantasy but the occurrence may happen. He further added that the transaction charges will go to about $7,500, but many of the transactions are not expected to happen on the network.
He said this will be replaced by a mirrored chain which will be utilizing wrapped tokens as a way of reducing charges and also boosting the speed.
He said the Whale will be the one controlling everything and will progress with carrying out their transaction on the main chain.
He predicted that by 2100, Whales would have noticed a significant drop in the transaction fee as the fee is expected to approach zero, and this will lead to reducing the number of transactions on the network to be very low and this will prompt the whales to shut down the network.
He explained that it will eventually reach a point where no new bitcoin will be mined and there will be no coin in circulation too, the absence of nothing to secure will later lead to the extinction of the network.
The silver lining is that about 20 million bitcoin will still be in circulation on other blockchains, and these coins are expected to be able to maintain their value via scarcity,
He explained. By 2140, the last coin will mature to be mined and about 10.5% of the bitcoin is still yet to be mined.
Andersen is the originator of the Bitcoin foundation but resigned from his top role about seven years ago and nothing much has been heard about him recently.
His backing of the claim by Craig Wright that he is the inventor of bitcoin led to his removal from the Bitcoin Community.
He eventually explained that supporting the claim was not intentional action and confirmed that he had been tricked by Wright's Claim in 2020.
Do you think this prediction by a past head developer of BTC will come to pass?
