Former Bitcoin network developer has an interesting prediction about the cryptocurrency

Former Bitcoin network developer has an interesting prediction about the cryptocurrency

Gavin Andresen believes Bitcoin could reach $6 million, but it will take four decades

The world’s most popular cryptocurrency, Bitcoin (BTC), continues to be the talk of the town. Now different possible predictions from a former leading developer of the Bitcoin Network have been shared. According to Gavin Andresen, BTC could hit $6 million. However, it’s going to take a while.

Andresen referred to the famous digital currency through a recent blog post called “A Possible BTC Future,” where he predicts that the Bitcoin network is soon to disappear. Yet, not all seems to be negative under his predictions, as Andresen said that before BTC comes to an end, it will have been able to reach a price of $6 million per coin by 2061. While it is true that this sum seems to be a bit exaggerated, the developer says it is no reason to get excited, as $1 million today will be worth $6 million in the next 40 years due to massive inflation.

The former BTC client developer is clear that his predictions were a little bit of science fiction, but he still assures that the scenario does not go beyond future possibilities. He added that transaction fees would cost upwards of $7,000. Most of these would not be done on the network itself, but would be on a mirrored blockchain using wrapped tokens to save on fees and improve processes.

Andresen said that by 2100, people will realize that the mining fee will be reduced to zero and that the decrease in transactions will mean that the cryptocurrency will no longer be produced. “Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops,” he explained. The good news is that by then, there will be approximately 20 million BTC moving on other blockchains, which, through scarcity, will retain their value.

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