😱😨🚨 Is Bitcoin dead? One analyst believes Bitcoin, often associated with financial independence, may not be as secure as it appears, according to a study. Crypto investment business Cyber Capital CEO Justin Bons says Bitcoin may face a crash. Instead of centuries, between 2031 and 2036, which no fanatic would want.
Bons wrote on X why he worries about the world's most popular network's future. His estimates show that miners will receive 0.39 BTC per block by 2036 since the block reward declines with each halving (the mechanism that restricts bitcoin supply). To secure a network that may be worth trillions by then, it would cost $2.3 billion each year at present costs. Its problem? According to Bons, the sum would not discourage attackers. Bons advanced. This "security budget" issue might lead to 51% assaults, a sort of "insider hack" in which someone controls the network to alter transactions. Currently rare, this situation might become more possible if economic incentives to safeguard the network deteriorate.
The difficulties go beyond economics. Bons says Bitcoin's governance hurts it. He blamed the Bitcoin Core development team for obstructing alternatives like expanding block size or permitting regulated inflation beyond 21 million coins. The community was split between 2015 and 2017, and this position might rekindle wounds or permanently fracture the network.
In addition, Bons warned about quantum computing advancements. Some experts feel these technologies might impair Bitcoin's cryptographic security, especially in older wallets, despite their distance. According to Google's Craig Gidney, the danger is between 2030 and 2035, although David Carvalho and investor Chamath Palihapitiya think it might happen in five years. Bitcoins might be compromised up to 30% in the worst instance.
These warnings provide a unique glimpse into "digital gold."'s future. Bons thinks the collapse might occur in seven to 11 years if these issues are not addressed. A difficult prognosis for Bitcoin's perpetual safe haven supporters.
