As a seasoned crypto investor with years of rollercoaster rides under my belt, I’ve learned to navigate the cryptosphere with a keen eye and steady hand. The news about less than 1.2 million Bitcoins left to be mined has me intrigued, not terrified. Bitcoin’s scarcity is its heart and soul, and it’s this scarcity that has drawn me in and kept me hooked.
With only about 1.2 million Bitcoins left to be mined, as pointed out by Bitcoin historian Pete Rizzo, the countdown is underway. This scarcity, a distinctive characteristic of Bitcoin, is significant because it contributes to its value. As the available supply decreases, there might be an increase in demand, potentially pushing the price upwards.
Breaking News: There are now only approximately 1.2 million units of #Bitcoin left to be mined, marking a significant reduction in supply.
— The Bitcoin Historian (@pete_rizzo_) December 24, 2024
The quantity of Bitcoin that can be produced is limited to just 21 million units, a restriction established by its mysterious inventor known as Satoshi Nakamoto. Currently, about 19.8 million Bitcoins have been mined, leaving only around 1.2 million coins remaining, which represents roughly 5.7% of the total supply.
Every four years, the Bitcoin halving process takes place, further restricting an already scarce resource. In this event, the compensation given to miners for creating new blocks gets cut in half, thus decelerating the pace at which fresh Bitcoins are introduced into circulation.
The estimated date for the next reduction in Bitcoin rewards is set for April 17, 2028. This will happen when the number of blocks mined reaches 1,050,000. At that point, the reward given to miners for each block they mine will decrease from its current value to 1.5625 Bitcoins. The last time this event occurred was on April 20, 2024, when the number of blocks reached 840,000 and the Bitcoin reward was cut in half, from 6.25 to 3.125 coins.
Approximately 1.2 million Bitcoins are yet to be mined, and it is estimated that this final Bitcoin will be mined around the year 2140, given the present rate of block creation and halving schedule. This means that Bitcoin’s scarcity, a key characteristic setting it apart, will persist for many decades in the future.
What’s next for Bitcoin price?
Based on data from CryptoQuant, the Coinbase Premium has fallen to -0.221%, making it the fifth instance since late May. This decrease suggests that American investors are buying less aggressively than their counterparts on Binance.
Previously, this inclination was exhibited primarily during periods of rising markets, enticing new investors who viewed it as a beneficial opportunity.
As per data from CryptoQuant, there’s an intriguing pattern emerging: while substantial quantities of Tether (USDT) are being withdrawn from exchanges, a significant amount of Bitcoin (BTC) is flowing into them. Moreover, despite the recent steep price drop, markets for immediate trading are still experiencing consistent selling pressure.
The combination of these factors seems to indicate a possible drop in Bitcoin’s value in the near future. Yet, looking at the bigger economic picture, there doesn’t seem to be any immediate cause for an extended downtrend after this temporary adjustment.
At the time of writing, Bitcoin was trading at $94,856.
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2024-12-24 18:00