Justin Drake criticized the Bitcoin security model in a post, stating that it is "heading towards self destruction"

According to Foresight News, Justin Drake, a researcher at the Ethereum Foundation, stated in an article on X that the Bitcoin Proof of Work (PoW) security model is in a "time bomb" state. He pointed out that after experiencing several halving of block rewards, the proportion of Bitcoin's fee income to miners' total income still remains at about 1%, and the current daily fee is less than 10 BTC, hitting a 13 year low. Drake stated that if Bitcoin relies solely on transaction fees as incentives for miners in the future, its security budget will be severely insufficient, and it may even require only the computing power of a large mining farm to launch a 51% attack on the network. He further questioned that as the price of Bitcoin rises, BTC denominated transaction fees become more difficult to maintain high levels, leading to a decrease in overall security. He believes that if Bitcoin wants to avoid being attacked, there are two possible ways out: one is to cancel the supply ceiling of 21 million coins and introduce tail inflation; The second is to shift towards Proof of Stake (PoS), but both of these schemes are currently "culturally taboo" in the Bitcoin community. Drake warned that "the 21M ceiling has broken the security model of Bitcoin. If it is not changed, this model will eventually collapse and may cause systemic risks to the entire crypto ecosystem."