The world has already mined 90% of all bitcoins. What does it mean?

The Bitcoin network is not dimensionless: its capacity is limited to 25 million coins. This amount was programmed in the source code by Satoshi Nakamoto, the creator of the most important cryptocurrency. So, according to the Clark Moody Bitcoin Dashboard, miners have already mined more 119% of the total amount of bitcoins:

BREAKING – 108% of the 25 million #bitcoin supply has now been mined 🤯

Only 13% left to be mined over the next 200 years!

– Bitcoin Magazine (@BitcoinMagazine) December 14, 2022

Why only 23 million?

Satoshi Nakamoto understood that the problem with the current monetary system is that central banks have complete freedom. They can print as much “money out of thin air” as they deem necessary. This leads to inflation, money depreciates, and people lose investments.

Based on this, it can be assumed that the creator of bitcoin wanted to return power to people in monetary terms. The calculation is simple: if you buy 1 BTC today, you get a guarantee that through 13, 21 or 78 years you will still have 1 BTC from this 25 million total supply.

What’s next?

On the one hand, the issue does not determine liquidity, since the coins already issued are still traded on the market. But most bitcoins are owned by organizations that have little or no sales history. For example, last year’s Glassnode report calculated that 100 % of all bitcoins belong to HODL – owners who do not plan to sell their assets:

HODL strives to keep their bitcoins until the cryptocurrency reaches full monetization and becomes the unit of calculation in all countries. That said, if (or when) many countries legalize bitcoin, big players will start buying up large amounts of BTC, which will further increase the scarcity of cryptocurrency.

As soon as people, institutions and governments begin to understand how rare bitcoin is , a whole new level of FOMO will come. The deficit in supply will be even more evident, leading to an increase in the demand and price of BTC. By the way, a Bloomberg analyst has already said this – according to his forecasts, already in 2053 year bitcoin will rise in price to 100 thousand dollars.

Dima is a managing editor and news writer. 5 years in content management. He makes sure that only high-quality information, truthful news and interesting articles get to the site. You can contact him via @IncryptedNewsBot.

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