Posted 7 months ago | by Catoshi Nakamoto
We like to make a lot of bold predictions on this channel and speculating about what the markets might look like over the next few months is not for the faint of heart. But now I’m looking for a bit more of a challenge. What if we were to consider what Bitcoin and the world might look like in 2140 when the Omega block is mined and the last Bitcoin enters circulation.Hop in the DeLorean and get ready for… Cypherpunk 2140.
Let’s get it.
Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In this video, we’re gonna take a trip into the future to see what Bitcoin and the rest of the world might look like in 2140, when the last Bitcoin is mined.
Why spend time thinking about things this far in the future? It’s good to get some context. Successful people are future minded – putting off short term pleasure for long term gains. But when it comes to Bitcoin the gains aren’t just Lambos, houses and caviar. It’s generational wealth. If you can stow away a few coins for your family, how will they be set up for the rest of their lives? Or your grandchildrens lives, or their children? Bitcoin will be the defining characteristic of what wealth is in the future. And it won’t hinge on the “value” of a Bitcoin. The new economy is going to be about OWNERSHIP. And if you can OWN a piece of the new economy. You are making a stake in history. Depending on how things turn out, we could end up living in a utopian dream or a dystopian nightmare, so we are going to explore both possible scenarios so we can keep an open mind and be realistic about the challenges we may face.
The Bitcoin protocol itself is fairly predictable. This is one of Bitcoin’s major selling points, it never changes, so investors can feel confident about keeping their money on the network for a long time. The network may need to go through some upgrades to keep up with the times, but there are certain aspects of Bitcoin that will stand the test of time. The 21 million supply cap and proof of work security are so important to Bitcoin’s narrative and will likely still be with us in 2140. There have been some theories that quantum computing could force Bitcoin and other crypto assets to change how they secure their networks, but experts believe that modern cryptography is actually quantum resistant. Even if this did pose a threat, cryptography will continue to advance in the quantum age. Not to mention the fact that Bitcoin would be the least of our concerns if modern cryptography was hacked, think banking records, government secrets, and even nuclear codes. The smartest minds in the world are working in cryptography and I don’t think they would allow that nightmare scenario to play out.
Once the last Bitcoin is mined, there is a good chance that we could see a significant increase in transaction fees, since miners would no longer be getting a block reward. Even though they won’t be digging for bitcoin anymore, miners will still be needed to secure the network and they will still need to be paid. More power might be required to mine bitcoin since solving a block slowly gets more difficult over time, but that power will probably be much cheaper and renewable. By 2140 fusion reactors will be commonplace so it only makes sense that a global asset would have fusion as part of it’s infrastructure. Or maybe by then, we’ll even be pulling energy out of the air like Tesla, the real Tesla not the Dogefather, imagined. If energy does become too freely available, then Bitcoiners may have to make some difficult decisions about how the network is secured.
If Bitcoin ends up being the primary global store of value by the time we reach the Omega block, the price will most likely be…zero dollars. In 120 years there won’t be a dollar. Bitcoin will be the reserve currency of the world in some form or another in both Dystopian or Utopian futures. Stop thinking about everything in dollars. Think about value. Reserve fiat currencies only stick around for 100 years or so and the dollar is at the end of it’s lifespan. So what does that mean for Bitcoin? Maybe 1 Satoshi will just equal 1 Satoshi, and all other prices will revolve around that just as they revolve around the US dollar today. I can see a few Satoshi being enough to put a down payment on a car. Depending on how much Bitcoin you bequeath to your descendants, they could still be living off that inheritance in 2140. Talk about generational wealth. It’s highly likely that being a “wholecoiner” will give you access to a different level of society and influence. Borrowing against your Bitcoin will be commonplace for wholecoiners. But it won’t stop there. Your children may even be able to dine with the third Jeff Bezos clone in the Blue Origin Spacestation as perk of being in the ownership elite.
In the optimistic version of our future, your children and grandchildren can turn your Bitcoin trust fund into protectors of culture as digital art collectors or philanthropists…. if things go the other way, they might be virtual slumlords in a corporate metaverse. That will all depend on the type of society that they’re living in. If the utopian dream of the early crypto adopters comes true, the world will be much different than it is today. Businesses and maybe some near planet governments will operate as DAOs “Decentralized Autonomous Organizations,” that allow large and decentralized networks of people to each have a role in the group’s decision-making process. Some level of corruption will probably still exist in DAOs because that is sadly a fact of human nature, but with power decentralized and history recorded on a public blockchain, self-regulation might really have a chance.
Most people would either work for DAOs or for themselves, and there will probably be a ton of job opportunities in gaming and the metaverse. Wealth would be abundant, and society would be relatively peaceful. It’s also interesting to think about what the history lessons might say about the time we are living in right now. There’s a good chance that the regulators who fought against this industry will be recognized as villains, while the early crypto adopters are portrayed as the forward-thinking revolutionaries who created a better world.
Seems cool, but it would be foolish for us to think that this future is guaranteed. There are a lot of powerful people around the world who will do everything they can to limit the most disruptive aspects of this technology. We are now in the beginning phases of this struggle, where financial institutions and their attack dog regulators are trying to assert their dominance in the industry. If they get their way, there is no doubt in my mind that we will slowly begin to slide into the type of dystopia that you see in science fiction stories like Snow Crash or Ready Player One , where the entire population is controlled by overlords who know every single detail about them.
This is why the current struggle for privacy and decentralization is so important because it could have huge implications for the future of our world, not just our industry. Without decentralization and privacy, blockchain technology is just another tool to make things more efficient for the people in charge. We can see examples of this from the CCP, the authoritarian government in China, that plans on launching a central bank digital currency, along with a social credit system , while tightly controlling crypto trading. It’s not just the CCP either, similar conversations are starting to take place here in the US as well. Governments around the world are rushing to get a handle on this technology because they now recognize how disruptive it can be.
If they are successful and they manage to neutralize the disruptive power of crypto, part of me thinks that humanity might not even make it another 120 years, but if society is still standing, it will probably be pretty bad. Without a secure and decentralized form of sound money, governments will be able to inflate the money supply as much as they want, causing poverty and social unrest. To keep control over an angry population, governments could cut off a person’s access to their Central Bank Digital Currency if they speak out or step out of line, making it impossible for them to pay for their basic needs like food and shelter. And who knows? Maybe a 200-year-old cyborg Janet Yellen will still be lording over the treasury too.
The ideas I shared here today are just a few possibilities of what the future could look like, and there are many different ways that this could play out, but the basic idea is that we will probably be living in a much better world if crypto stays private and decentralized. There is also always a chance that new innovations could cause a migration of capital from the Bitcoin network into some other asset, but as long as the underlying principles of privacy, decentralization, and sound money stay intact, then our future of freedom for our kids and grandkids is still in play.
But that’s all I got. Be Blessed. Bit Boy Out.