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Former Bitcoin lead dev predicts demise of BTC network, with a major silver lining

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Former Bitcoin lead dev predicts demise of BTC network. A former Bitcoin network lead engineer has predicted an epic price forecast for the world’s most popular cryptocurrency.

In a recent blog post titled “A Possible BTC Future,” software developer Gavin Andresen forecasts the Bitcoin network’s death.

BTC will hit $6 million per coin in 2061, according to Andresen, before reaching the end of its life cycle. Before you become too enthusiastic, keep in mind that owing to tremendous inflation, $1 million now will be worth $6 million in 40 years.

A little bit surrealist

The former Bitcoin client engineer conceded that his forecasts were “a little bit surrealist”, but that the storyline might happen. He said that transaction costs would be approximately $7,500, but that the vast majority of transactions would not take place on the network itself.

Instead, they’d be on a mirrored chain that used wrapped tokens to reduce cost and speed up transactions. The whales, who would be in charge of everything, would keep transacting on the main chain. By 2100, these whales will realise that the mining cost has plummeted to near nothing and that there are so few transactions that they will shut it down, according to Andresen.

“Eventually, there will be no new BTC created on the BTC network, and no BTC in circulation. There’s nothing else to secure, thus the chain comes to an end.”

The final Bitcoin will be mined in 2140

The bright side is that there will still be about 20M BTC floating around on other blockchains, retaining their value due to scarcity, he explained. The final Bitcoin will be mined in 2140, according to mathematics. Only 2.17M, or 10.5%, of the total, are still available for mining.

Andresen, who also created the Bitcoin Foundation, stood down as CEO in 2014 and has since faded from view. He was shunned by the Bitcoin community in 2016 when he backed Craig Wright’s claim to be Satoshi Nakamoto, the founder of the cryptocurrency.

In June 2020, he confessed that he had been “bamboozled” by Wright’s assertions.

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