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Barefoot Mining CEO: Bitcoin Blockspace Will Be "Financialized" in the Next 15 Years

Barefoot Mining CEO: Bitcoin Blockspace Will Be "Financialized" in the Next 15 Years

CointimeCointime2024/08/07 06:31
By:Cointime

Bob Burnett, CEO of Barefoot Mining, a Bitcoin mining company, stated that as Bitcoin becomes more prevalent in the world economy, there will be an increasing demand for accessing block space at certain times and dates. This demand will give rise to a futures market for block space, where mining companies will offer their product (block space) to bidders who need to access the Bitcoin network for transactions.This will change the concept of the actual value of blocks, from the concept of its financial value (costs + subsidies) to a more scarce and limited resource, considering that several companies and high-value individuals and offices will need to access it to complete critical transactions. This situation will stabilize the revenue of Bitcoin mining companies, which will benefit from transaction fees rather than subsidies over the next 15 years.Bob Burnett stated that as Bitcoin becomes crucial for companies and nations, the value of Bitcoin block space will be seen as an essential scarce commodity.

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