Bitcoin’s Former Backbone, Gavin Andresen Doubts Bitcoin’s Growth In The Global Economy

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • Former Bitcoin maintainer, Gavin Andresen tweeted out his doubts in BTC growing enough to replace all other forms of payment.
  • A lot of people seemed to disagree with Andresen’s opinion on the calling Bitcoin as BTC since many believe Bitcoin SV is the original Bitcoin protocol that Nakamoto worked on.

Former Bitcoin maintainer and one of the lead developers of the coin, Gavin Andresen tweeted out his doubts in BTC growing enough to replace all other forms of payment. The Bitcoin twitter page quoted the creator of the world-famous cryptocurrency, Satoshi Nakamoto, in a tweet saying, “I’m sure in the next ten years there will either be huge transaction volume or no volume”.

Andresen quoted the tweet and responded that Nakamoto might have been wrong on this as he sees it, in the next ten years, Bitcoin will have the same transaction value and will become a niche coin for gold bugs.

A lot of people seemed to disagree with Andresen’s opinion on the calling Bitcoin as BTC since many believe Bitcoin SV is the original Bitcoin protocol that Nakamoto worked on. Other’s vehemently refute his idea due to his famous appraisal of Craig Wright as Satoshi Nakamoto at CoinDesk’s Consensus 2016 conference.

Despite Andresen’s current thoughts about BTC, the currency seems to be on a very positive trend as many market analysts expect it’s market value to cross $80,000 or even $100,000 by the end of 2021.

Andresen has also had a tough past with Bitcoin after it began gaining traction. Many remain grateful to Andresen for his early work on the Bitcoin network alongside Nakamoto. Still, they disapprove of his actions after the coin began its successful run, where he started exerting an authoritarian attitude in the Bitcoin Core community.

Many times tried to work behind the back of the team is trying to push changes to the code without proper peer review. Andresen’s rights to make changes to the Bitcoin protocol code revoked about a week after his 2016 CoinDesk spotlight. He then went on to make comments that Bitcoin’s hard fork version, Bitcoin Cash was supposedly the Bitcoin he worked on back in 2010.

Since then Andresen has been rather quiet within the crypto world occasionally making a comment or two. He also has, as of recent, shown interest in projects within the Ethereum ecosystem, like Tornado.cash. Andresen’s comments on Bitcoin will bring mixed responses but won’t stir any significant changes to the coin. Bitcoin is currently trading at $8,431 on an upward trend of 1.51%.

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