Bitwise CEO Says Bitcoin Scarcity Will Feel More Dramatic

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Hunter Horsley, CEO of Bitwise, anticipates that as Bitcoin gains broader acceptance, its scarcity will become increasingly noticeable and potentially significant.

Approximately 58 million people worldwide are estimated to be millionaires, yet there’s only enough Bitcoin available for roughly a third of them to own one.

Is Bitcoin’s supply cap safe? 

According to an article from U.Today, BlackRock, a significant investor, has stirred up debate by suggesting in one of their educational videos that the total supply of Bitcoin may potentially exceed the previously established limit of 21 million units.

Within the Bitcoin community, proposals like these can be seen as blasphemous due to the primary source of Bitcoin’s worth being its limited supply. The transparency and predictability of Bitcoin’s supply make it a desirable option compared to other assets.

In contrast, Adam Back from BlackRock swiftly explained that the disclaimer was merely a standard, albeit meaningless, legal precaution.

In simpler terms, each component within the network can verify that the total amount of Bitcoins remains constant.

Owning a full Bitcoin is rare 

Based on information from BitInfoCharts, it’s interesting to note that just about 1.82% of all Bitcoin wallets contain a full Bitcoin, while approximately 8.2% hold more than 0.1 Bitcoin each.

Approximately 99.75% of Bitcoin addresses contain less than 10 Bitcoins (equivalent to around a million dollars at present rates).

As a crypto investor, I’m thrilled to see that, based on CoinGecko’s latest data, we’re inching closer yet again to the impressive $100,000 milestone for Bitcoin’s price.

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2025-01-06 11:09