Bitcoin has been working constantly for the past ten years and there are no signs that it’s going to stop anytime soon. But how will it perform in the long term, say ten or twenty years from now? Here are a few possibilities of what the leading cryptocurrency could look like in its distant future.
Large Volume or No Volume
People have speculated where Bitcoin will be in ten, twenty, or even a hundred years from now since it’s inception. Their predictions vary from it becoming the next intergalactic unit of account, or that it will crash to zero any day now.
Satoshi Nakamoto commented on where he saw Bitcoin going in the long term before disappearing,
In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I’m sure that in 20 years there will either be very large transaction volume or no volume.
Now we are nearly ten years into the great crypto-currency experiment, nine years after satoshi wrote that quote. We’ll have to wait and see will Bitcoin and the whole cryptocurrency market
1. Bitcoin Becomes the World Reserve Currency
As cryptocurrencies continue to grow and attract users, there will be a point where governments begin to convert portions of their wealth into Bitcoin and other cryptocurrencies. Bitcoin transactions are not subject to borders or state regulations, they just follow the Bitcoin protocol.
Governments could start conducting business with other nations in bitcoins. Nations that are subject to unfair sanctions could use cryptocurrencies to continue to exist.
Hyper-inflation has negatively affected many countries throughout history. Even today countries like Venezuela and Zimbabwe have national currencies that have experienced over a thousand times inflation over the past decade.