Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future the place BTC rises to a staggering $6,000,000 per coin.
Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, simply printed a brand new blog post detailing how BTC’s theoretical evolution may look.
Andresen describes a “attainable” situation the place Bitcoin hits a price ticket of $6,000,000 by 2061, transaction charges 326x greater than they’re now, and the blockchain is used mainly by whales.
“Imagine: it’s the 12 months 2061. The BTC value is six million US {dollars} – equal to about one million 2021 {dollars} as a result of of inflation.
Miners are being rewarded 0.006103515625 BTC per block, plus transaction charges of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).
But most BTC transactions don’t occur on the BTC community. Most BTC is locked up in multi-signature outputs secured utilizing multiparty computation and mirrored on one other chain as ‘wrapped’ tokens.”
In his scifi situation, Andresen says those that do stay on Bitcoin’s community shall be incentivized to maintain it alive.
“The transactions that do happen on the principle BTC community are high-value, largely between super-whale-size holders…
These whales keep the BTC community ceaselessly. They are the miners and the transaction creators; they don’t care how excessive transaction charges go, as a result of they obtain as many charges as they pay.”
However, Andresen says that by 2100, even these customers would probably depart the blockchain.
“In the 12 months 2100 the whales discover that the mining reward is principally zero… Eventually, there are zero new BTC being produced on the BTC community, and zero BTC circulating on the BTC community. There is nothing left to safe, and the chain stops.”
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