Barefoot Mining CEO: Bitcoin blockchain space to be'financialized 'in next 15 years
On August 7th, Bob Burnett, CEO of Barefoot Mining, a bitcoin mining service, said that as bitcoin becomes more common in the world economy, the demand for accessing block space at certain times and dates will increase. This demand will give rise to a blockchain futures market, where mining companies will offer their products (blockchain space) to bidders who need access to the bitcoin network for transactions.
This will change the concept of the real value of the block, from the concept of its financial value (fees + 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 scenario will stabilize the revenue of Bitcoin mining companies, which will benefit from transaction fees rather than subsidies within 15 years.
Bob Burnett said that as bitcoin becomes crucial to companies and nation-states, the value of the bitcoin blockchain space will be seen as an essential scarce commodity.