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Friday, October 22, 2021

Can Bitcoin Surpass $6M? Here’s What Polkadot Co-founder Gavin Andresen Has To Say For The Crypto’s Future

Bitcoin (CRYPTO: BTC) developer and co-founder of Ethereum (CRYPTO: ETH) and Polkadot (CRYPTO: DOT), Gavin Andresen, has forecasted the future of Bitcoin and says the value of a single Bitcoin may one day exceed $6,000,000. 

In his recent blog post, Gavin has outlined how cryptocurrency’s future development may look. 

Gavin said, by 2061, the price of Bitcoin may reach $6,000,000, with transaction costs 326 times greater than they are now. 

“Imagine, it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation. Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction),” Gavin said in the blog.

Related Link: China’s ‘New’ Crypto Ban Is 10 Days Old, But Panic Sellers Send Bitcoin To $40,900 

Gavin added, “But most BTC transactions don’t happen on the BTC network. Instead, most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

Gavin said those who do remain on Bitcoin’s network would be incentivized to keep it alive.

However, Gavin said that by 2100, even those users would likely leave the blockchain.

“In the year 2100, the whales notice that the mining reward is basically zero… 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 added. 

Price Action: Bitcoin is up 1.30% in the last 24 hours and is trading at $43,208.77 with a 24-hour trading volume of $32,240,849,338. It has a circulating supply of 18,826,712 BTC coins and a max supply of 21,000,000 BTC coins.

Related Link: WallStreetBets Launches New Forum To Enable Discussions On Cryptos Like Bitcoin, Ethereum, Dogecoin

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