- 90% of the bitcoin has been mined. Remaining 10% will be mined till next 119 years.
- The supply of bitcoins has a strict limit of 21 million coins.
- After the year 2140, the generation of fresh Bitcoins seems doubtful.
- Over a decade, the value of Bitcoins has increased a million-fold since its beginning in 2009.
The higher the worth of an item, the rarer it is. The combination of rising demand and restricted supply results in exorbitant prices.
And there’s only so much Bitcoin, the world’s oldest cryptocurrency, to go around.
Bitcoin’s supply has a fixed limit of 21 million coins. 18.89 million of these have previously been ‘mined.’
That indicates that after 12 years of its birth, 90 percent of all Bitcoin will have been put into circulation.
Bitcoin Is Scarce
The elusive Satoshi Nakamoto, whose real life identity remains a mystery and who has since vanished without a trace, promoted the blockchain-based solution as a possible store of value.
He included a one-of-a-kind constraint in the source code he wrote: a hard restriction on the number of Bitcoins that can ever be produced.
As a result of its growing popularity, the price of bitcoin is expected to rise as more people become interested in the notion.
Simply put, Bitcoin’s value has risen due to its limited quantity and growing popularity.
CEO of Sanders.Law Steve Sanders posted a Tweet writing “Bitcoin is a long-term store of value”.
Central government money, on the other hand, has no set boundaries, and governments are allowed to print as much dollars as they like as long as they don’t mind the resulting inflation.
Nearly 97 percent of Bitcoin is predicted to be discovered by the early 2030s, just a decade later. The remaining 3% will be created during the course of the next century, until 2140.
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