Home Crypto Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of...

Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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 “potential” situation the place Bitcoin hits a price ticket of $6,000,000 by 2061, transaction charges 326x increased than they’re now, and the blockchain is used mainly by whales.

“Imagine: it’s the yr 2061. The BTC worth 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 can be incentivized to maintain it alive.

“The transactions that do happen on the primary BTC community are high-value, largely between super-whale-size holders…

These whales preserve 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 possible depart the blockchain.

“In the yr 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.”

Don’t Miss a Beat – Subscribe to get crypto e mail alerts delivered on to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl should not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any loses chances are you’ll incur are your accountability. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please observe that The Daily Hodl participates in internet affiliate marketing.

Featured Image: Shutterstock/Blindnesssinfluenced

- Advertisment -

Most Popular