Justin Bons, the founder of Cyber Capital, has issued a stark warning that Bitcoin is likely to face a significant collapse within the next 7 to 11 years. He attributes this impending downfall to a series of issues beginning with the mining sector's downturn, which he believes will lead to a decrease in the network's security budget.
"BTC will collapse within 7 to 11 years from now!" Bons stated, emphasizing that the mining industry will plummet, paving the way for potential attacks, including double spends.
Bons predicts that as security deteriorates, Bitcoin may need to surpass its 21 million coin cap to address the escalating problems, potentially resulting in a chain fork. He outlined that Bitcoin must see its price double every four years or witness a substantial increase in transaction fees to maintain security.
"The code and mathematics do not lie; this can all be independently verified. We must prioritize the truth, no matter how much we like the idea of Bitcoin — it is the naked king," he remarked.
According to Bons, the current fee revenue is insufficient to support the necessary growth, raising concerns about Bitcoin's future security as the halving cycles progress. He highlighted that the revenue generated by miners is currently lower than five years ago, making it a more telling metric than hashrate when assessing security risks.
