Gavin Andersen, a former lead developer for the Bitcoin network, has stated that there is a possibility that the Bitcoin network will collapse. However, his sentiments had a silver lining as he also predicted that prices could skyrocket to incredible highs.
Andersen provided these remarks in a recent blog post publication dubbed “A Possible BTC Future,” where he states that while the network could fail in future, its coin could see explosive gains.
Price will reach $6 Million
The blog post also stated that there would be good news before Bitcoin meets its end. In this case, the coin’s value will reach $6 million for every coin, according to Andersen’s predictions.
However, this does not necessarily mean that investors will reap major profits because he also put inflation into perspective. He noted that one million dollars will be equivalent to $6 million in the next four decades. Putting it in this perspective, it means that in 40 years, one Bitcoin will be equivalent to the current value of $1 million.
Nevertheless, Andersen stated that the predictions he made regarding Bitcoin’ prices were a “piece of science fiction”, but explained there was a chance that the predictions made regarding the prices and the network failure could also come true. Further predictions were also made on transaction fees, which Andersen stated would reach $7500.
Whales will play a Central Role
Andersen also spoke on the role that Bitcoin whale addresses would play regarding Bitcoin’s success. He stated that whales would gain domino control over the Bitcoin network. However, he added that by 2100, the whale addresses would recognize that mining fees had drastically dropped, which would lower the number of transactions made on the network, and as a result, the network would shut down.
“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 predicted.
However, the silver lining in this entire case is that there will still be around 20 million Bitcoins running on other blockchains, allowing the coin to retain its value because of a shortened supply. Satoshi Nakamoto algorithm noted that the last Bitcoin will be mined in 2140, and currently, only 10.5% of these coins are yet to be mined.
Andresen was a major part of the Bitcoin community, but this died down gradually. In 2016, Andresen came under heavy criticism after supporting the statements of Craig Wright that he was Satoshi Nakamoto. However, he later retracted his statement.
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