A former lead developer for the Bitcoin network has postulated a possible futurity for the world'south nearly popular cryptocurrency, which includes an epic cost prediction.

Software developer Gavin Andresen published a recent blog post called "A Possible BTC Future" in which he predicts the demise of the Bitcoin network.

Before Bitcoin (BTC) meets its end, it volition have reached a cost of $6 million per coin in 2061, Andresen predicts. Earlier you get besides excited, he added that $1 million dollars today will be worth $6 1000000 in the next xl years due to massive aggrandizement.

The former Bitcoin customer programmer admitted that his predictions were a "little slice of scientific discipline fiction" just that the scenario was entirely possible. Transaction fees would toll around $7,500, but most transactions volition non occur on the network itself, he added.

Instead, they'd be on a mirrored concatenation using wrapped tokens to save on fees and better speeds. The whales, who would command the entire matter, would continue to transact on the main chain. By 2100, these whales would recognize that the mining fee had dropped to near zero and and then few transactions are occurring so they will close information technology down, Andresen predicted.

"Somewhen, there are nothing 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."

The silver lining is that there will still be 20 million or then BTC moving around on other blockchains, which would retain their value through scarcity, he added. Mathematically, the concluding Bitcoin is due to exist mined in 2140. Currently, simply ii.17 million, or 10.5%, remain to exist mined.

Related: 5 Surprising Facts From Gavin Andresen's Sworn Deposition

Andresen, who also founded the Bitcoin Foundation, stepped down from his pb role in 2022 and has receded from the spotlight in recent years. In 2022, he was ostracized from the Bitcoin customs for supporting Craig Wright's claims to exist Bitcoin creator Satoshi Nakamoto.

He later admitted that this was a mistake and testified that he had been "bamboozled" past Wright's claims in June 2022.