Jack is Jack Dorsey, of Twitter and Square fame, who told the Times:
The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin...[this will play out] probably over ten years, but it could go fasterPowell assumes that Dorsey is right, and starts by pointing out that, assuming they continue to HODL, in 2028 Satoshi Nakamoto and the Winkelvoss twins together would:
control 5 per cent of the world's liquid currency.Dividing 2028's projected money supply by the number of Bitcoin:
each of the digital tokens would be worth just over $10m.Based on estimates of Bitcoin's current energy consumption and energy cost:
each transaction will cost $10,374.Even assuming two orders of magnitude decrease in energy cost per transaction, aggregated over 2028's projected 1.5 trillion transactions:
the energy cost would be 1,511,484 terawatt hours.Or more than 60 times the Terawatt hours the entire world consumed in 2016!
Thus were Bitcoin to become a widely used medium for transactions, the process of brute-forcing partial hash pre-images (mining) must have become many orders of magnitude cheaper. But this would mean that brute-forcing full hash pre-images would also be much cheaper, which would have other effects that the Bitcoin enthusiasts might like much less. Such as the deleterious effects on cryptography and the security of Bitcoin and its wallets.