In an interesting prediction, a former top developer of the Bitcoin network believes that the P2P cryptocurrency system will die within 40 years, but not before reaching a whopping price of $6 million. He gave these views during a recent blog post and it is kind of a mixed bags for Bitcoin promoters and detractors.
Bitcoin’s Demise in 2061
The Bitcoin network was founded in the year 2009 when the P2P cryptocurrency was launched. Back then, almost no one could have predicted the meteoric rise of the cryptocurrency project as its value was just a few hundreds of dollars. In a rollercoaster journey ever since, the digital currency has reached a maximum valuation of above $1.2 trillion in April earlier this year. While currently valued in the neighbourhood of around $800 billion, the network is still one of the most valuable entities in the world right now, at par with many of the top 10 companies around the globe.
However, despite the overall rise of the blockchain network, at least one developer now predicts that the cryptocurrency will fail in the long-term. Gavin Andresen, a former Bitcoin client programmer and founder of Bitcoin Foundation (no direct relationship to Satoshi Nakamoto) believes that the cryptocurrency is destined to survive till 2061, 40 years from now. But, there is a huge silver lining for the cryptocurrency investors and fans as he believes that in the process, the digital currency may hit a high as $6 million per Bitcoin at one point. Right now, it is being traded at around $42k and that means an increase of around 143 times. That is not a small rise to be honest and nobody can blame traders for cashing in on this extremely high levels and looking forward to it even if BTC itself is destined to fail according to Andresen.
Will Bitcoin Live On in Some Form?
He also claimed that the crypto network will not die completely, but rather move to mirrored chains with wrapped digital currencies to save fees and improve transaction speeds. That is one of the main challenges of the cryptocurrency network right now and it is not that a bad deal for users. This will also happen a long time before the last Bitcoin is slated to be mined around 2140 according to Satoshi’s laid out plans
Andresen does admit that his prediction is a little bit of Science Fiction. Adresen is a well known figure in the crypto community and he has since stepped down from his role in the network. Last year, he incurred the wrath of the crypto community by supporting boastful Craig Wright’s claim to being Satoshi Nakamoto. Craig Wright is a comical figures whose past claims of being the inventor of the crypto network have been rubbished, ridiculed and exposed as inaccurate observations.
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