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Top Crypto Researcher Predicts Bitcoin’s Potential Collapse in 7 to 11 Years
Justin Bons, the founder of Cyber Capital, a prominent cryptocurrency investment firm, has raised concerns about the possibility of Bitcoin (BTC) facing a collapse within the next decade. Bons highlighted key factors contributing to this potential scenario, emphasizing the need for critical evaluation and proactive measures within the crypto space.
Diminishing Block Rewards and Economic Vulnerabilities
Bons emphasized the impact of diminishing block rewards, which are projected to decline to 0.39 Bitcoin by 2036 based on the current halving schedule. With this reduction, the annual security budget is estimated to reach approximately $2.3 billion at current market prices. Bons expressed apprehensions regarding the adequacy of this budget to safeguard a network potentially worth trillions, potentially opening the door for malicious 51% attacks.
Challenges in Governance and Network Stability
Furthermore, Bons outlined concerns about Bitcoin’s governance structure, particularly referencing the reluctance of the Bitcoin Core development team to explore options such as increasing block sizes or modifying the 21 million coin cap. This perceived rigidity, stemming from past debates and decisions, could lead to future chain splits or inflation, posing risks to the network’s stability and integrity.
Quantum Computing Threat and Industry Perspectives
Bons also highlighted the looming threat posed by advancements in quantum computing, particularly in potentially compromising Bitcoin’s cryptographic security measures, especially in older wallets. While uncertainties remain regarding the exact timeline, experts within the industry, including Google’s Craig Gidney and Blockstream’s Adam Back, diverge on the potential impact of quantum computing on Bitcoin’s security within the coming decades.
Conclusion: Evaluating Bitcoin’s Future
As the debate on Bitcoin’s long-term viability intensifies, the insights shared by Justin Bons underscore the critical need for continuous assessment and adaptation within the cryptocurrency ecosystem. By addressing vulnerabilities in network security, governance, and technological threats, stakeholders can work towards mitigating risks and ensuring the resilience of digital assets like Bitcoin for years to come.
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