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More than 92% of the total amount of Bitcoin (BTC) has been mined as of today. But ChatGPT is predicting what will happen when the halving cycles end and supply is eventually exhausted.
One of the ways to incentivize Bitcoin miners is in the form of block rewards. After successfully mining a block, miners are rewarded 6.25 BTC currently. But with every halving cycle, the block reward decreases by 50%.
For example, after the halving in 2024, miners will get roughly 3.125 BTC for successfully mining a block.
According to ChatGPT, the end of Bitcoin mining is predicted around the year 2140. No more rewards will be distributed to Bitcoin miners after all BTC tokens are mined.
Miners will then only be remunerated through the transaction fees of the Bitcoin network.
Read more on the Bitcoin halving here.
Along with reliance on transaction fees, miners would need to evolve their equipment due to increasing competition.
Among various possibilities, ChatGPT believes that miners might also explore alternative cryptocurrency options to seek profitable mining opportunities.
The chatbot anticipates the rise of Layer 2 solutions such as Lightning Network to tackle the congestion and improve the scalability of the Bitcoin network.
ChatGPT Speculates Bitcoin Price
Bitcoin will finally stop being an inflationary token, and its supply would remain stable. Hence, ChatGPT believes that it could function as a store of value, similar to gold.
Additionally, the chatbot speculates that fixed supply might increase the value of Bitcoin over time. 2140 is a year that corresponds to both the end of inflation on Bitcoin and the increase in asset scarcity.
Thus, with the increase in demand and the obvious scarcity of the asset, the price could reach unimaginable values.
For ChatGPT, predicting the Bitcoin price in such a time frame is difficult. However, artificial intelligence (AI) still offered some projections.
Every advance in wide-scale adoption could bring its speculative prices closer to reality in the future. So, while various institutions such as Ark Invest are predicting the $1 million mark by 2030, the Bitcoin price might exceed $1 billion thereafter.
ChatGPT says Bitcoin might hit $1 billion by 2100 and $10 billion by 2140.
Even before 2140, one can’t help but think about the investments of large entities like MicroStrategy and what their investment could be worth in the future.
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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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