Gavin Andresen, one of the founders of the Bitcoin foundation and one of the former developers of the Bitcoin network, claimed in his article titled “A Possible BTC Future” that the Bitcoin network will be shut down in the future.
Although he stated this as a fiction in his article dated September 21, 2021, his claim becomes important considering his name and history.
Bitcoin price will continue to increase systematically. According to the idea, 1 Bitcoin will reach $ 6,000,000 (6 million) in 2061. But the transaction fees will also be $ 7,500 for each transaction.
As the Bitcoin network will be under the control of whales, they will not be bothered by high transaction fees. Somehow, they will have earned what they paid for.
The fiction continues and we are coming to the year 2100. Whales are shutting down the Bitcoin network as mining rewards are almost zero and transaction numbers are also decreasing.
At the end, the BTC network does not generate new Bitcoins and no new transactions are made. The network stops completely.
However, despite everything, nearly 20 million BTC produced until that day continues to live.
If Gavin Andresen's fiction comes true, the last Bitcoin will never be mined. However, due to the shortage of supply, BTC will retain its value and there will be close to 20 million BTC in circulation on other networks.
Frankly, I am only interested in the possibility that the price of 1 BTC could reach 6 million dollars in 2061. Because considering the average human life, I won't be able to see other scenarios in my lifetime. So I don't care if the last Bitcoin is mined or not.
The biggest problem we may experience in our own period is the ever-increasing transaction fees. According to the scenario, this will continue and the chance of someone with normal income to send Bitcoin will disappear. So why would I have Bitcoin or any cryptocurrency in my life? What's the point of using crypto if I'm going to face implicit barriers like transaction fees? Of course, cryptos with low transaction fees will come into play here. Even now, it's engaged. Recently I have been making my own transactions using BitcoinCash and Litecoin. For this reason, BCH constitutes a large part of my portfolio. This should be the case not only in terms of transaction fees, but also in terms of some expectations.
Another issue that stuck in my head in fiction is how its price will continue to rise if people believe more and more that Bitcoin will die in the coming years. According to the claimant, despite everything, the Bitcoin price will have a continuous increase in value. It can be explained as the only flourless first crypto money that will provide this increase in value and the shortage of supply. Is it enough? We'll wait and see. However, despite everything, there is a perception that it is necessary to hold some BTC.
You can find Gavin Andresen's "A Possible BTC Future" Article here.
Parts of the Gavin Andresen article and my own thoughts have been added to the article.
Thank you for reading.
I find this hard to believe, why bitcoin???? Hopefully it doesn't die off