Software developer Gavin Andresen has dropped an epic prediction suggesting that Bitcoin could either rise to $6 million per coin or crash to zero.
In a recent blog post, Andresen suggested that Bitcoin could reach a price of $6 million per coin by 2061 before it meets its end. He postulated that due to massive inflation, $1 million today will be worth $6 million in forty years.
The former lead developer for the Bitcoin network admitted that his predictions were a “little piece of science fiction,” yet very much possible. He added that transaction fees could cost around $7,500 by then but most of them would not take place on the network itself.
According to Andresen, these transactions would be on a mirrored chain to minimize fees and improve speed using wrapped tokens. However, whales will continue transacting on the main chain but will shut down by 2100 when they realize the drop in mining fees.
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.On the bright side, he said about 20 million BTC will remain in circulation which will retain their value due to scarcity. According to his calculations, the very last Bitcoin is due to be mined in 2140.
Andresen, who is also the founder of the Bitcoin Foundation, left his lead role in 2014 and has operated in the background ever since. He was later ostracized from the Bitcoin community in 2016 for supporting Craig Wright's claims to be BTC creator, which he later testified to be a mistake.