A former lead developer for the Bitcoin community has postulated a likely destiny for the world’s maximum famous cryptocurrency which incorporates an epic fee prediction.

Software developer Gavin Andresen posted a latest weblog publish called “A Possible BTC Future” wherein he predicts the loss of life of the Bitcoin community.

Before BTC meets its end, it’ll attain a fee of $6 million in step with coin in 2061, Andresen predicts. Before you get too excited, he delivered that $1 million greenbacks nowadays might be worth $6 million withinside the subsequent 40 years, because of big inflation.

The former Bitcoin customer programmer admitted that his predictions have been a “little piece of technological know-how fiction,” however that the situation become completely possible. Transaction expenses could value round $7,500 however maximum transactions will now no longer arise at the community itself, he delivered.

Instead they’d be on a reflected chain the usage of wrapped tokens to keep on expenses and enhance speeds. The whales, which could manage the whole thing, could hold to transact on the primary chain. By 2100, those whales could understand that the mining price had dropped to close to 0 and so few transactions are happening so they’ll close it down, Andresen predicted.

The silver lining is that there’ll nonetheless be 20 million or so BTC shifting round on different blockchains which could hold their cost via scarcity, he delivered. Mathematically, the ultimate Bitcoin is because of be mined in 2140. Currently, simply 2.17 million, or 10.five%, stay to be mined.

Related: five Surprising Facts From Gavin Andresen’s Sworn Deposition

Andresen, who additionally based the Bitcoin Foundation, stepped down from his lead position in 2014 and has receded from the highlight in latest years. In 2016, he become ostracized from the Bitcoin network for assisting Craig Wright’s claims to be BTC writer Satoshi Nakamoto.

He later admitted that this become a mistake and testified that he had been “bamboozled” with the aid of using Wright’s claims in June 2020.