What will be the future of Bitcoin (BTC), the largest cryptocurrency in the world? This is a question many investors and developers, led by such famous personalities as Elon Musk, are asking themselves. It seems that former Bitcoin programmer, Gavin Andresen, knows the answer to this question, or at least – so he claims. On September 21, 2021, he published a very interesting blog post precisely on the “possible future of Bitcoin”. So how does Gavin Andresen see this future? Details below.
Gavin Andresen – where is bitcoin headed?
Before we get into the topic of Bitcoin’s future for good, it is worth mentioning who Gavin Andresen is. Well, this mysterious man is a former Bitcoin programmer, actually – its former custodian. It was to Andresen that Satoshi Nakamoto, the creator of this most popular cryptocurrency, left his legacy. Now that we know who Gavin Andresen is, we can move on to his opinions.
The man has already spoken out many times on topics related to Bitcoin. After all, it is the chain that he is closest to. In a recent post on his blog, he looked at a potential situation from the year… 2061. Andresen claims that in 2061, 1 BTC will cost $6 million – the equivalent of $1 million in 2021, due to inflation. Transaction fees will be around $7500 per transaction, and most transactions will not take place on the Bitcoin chain at all. Tokens will be encapsulated and “wrapped” with multiple signatures and mirrored on another chain.
Does Andresen’s theory make sense?
It appears that it does. Until now, 2021, many BTC tokens are being used on other networks precisely on the basis of a “wrapped” coin. At this point, the Wrapped Bitcoin Project manages a total of about 205,921 tokens.
Andresen also claims that it is the Bitcoin whales that have taken over the network. This is because they don’t care about high transaction fees; they will be both miners and creators of transactions. The programmer believes that in 2060, the reward for mining BTC will be zero, and conducting transactions on the Bitcoin network will simply be too expensive and unprofitable. Therefore, the whales will begin to withdraw from the network, burning any BTC locked in the chain. Eventually, the chain will simply stop. According to Gavin Andresen, this is what the end of Bitcoin will look like.