As a seasoned analyst with over two decades of experience in the financial industry, I find Michael Saylor’s prediction about Bitcoin intriguing, to say the least. While it’s important to approach such statements with a grain of salt, given the volatile nature of cryptocurrencies, his track record and deep understanding of the space make him a credible voice.
As a researcher delving into the realm of digital currencies, I find myself intrigued by the latest prognostication from Michael Saylor, co-founder and chairman of MicroStrategy. In a recent tweet, he posits that approximately 99% of Bitcoin‘s total supply will have been mined by January 2nd, 2035.
Since Bitcoin is produced exclusively through mining, all existing Bitcoins are those that have been mined. Currently, the total supply of Bitcoin stands at approximately 19,760,384 BTC, which accounts for about 94.10% of its maximum possible supply of 21 million BTC. This suggests that there are around 1,239,588 BTC yet to be mined, according to data from CoinMarketCap.
99% of #Bitcoin will be mined by January 2, 2035.
— Michael Saylor⚡️ (@saylor) September 28, 2024
According to Saylor’s forecast, there is likely to be a significant increase in Bitcoin mining operations over the next ten years, which could result in approximately 5% more Bitcoin’s total supply being generated.
According to Saylor’s forecast, it appears we might see nearly all Bitcoins in circulation well before most people expected. Most experts predict the last Bitcoin or the last satoshi will come into existence by the year 2140.
As more than 99% of Bitcoins get mined, the remaining small percentage will become harder and harder to find, possibly causing a surge in Bitcoin’s price due to its growing scarcity. The economics associated with Bitcoin mining might experience significant shifts, as miners must adapt to a scenario where the incentives for mining new blocks are substantially reduced.
Bitcoin price action
Bitcoin reached a high of $66,550 in Friday’s trading session, the highest level since the beginning of August. BTC surged to $65,988 in the early Sunday trading session before falling to $65,636, up 0.09% in the last 24 hours.
Bitcoin is poised for one of its most significant September growths, fueled by a worldwide surge in interest-rate reductions, particularly from the U.S. Federal Reserve, which seems to be helping Bitcoin overcome its traditional seasonal obstacles.
This month, Bitcoin has experienced a rise of over 11.31%, while it typically loses an average of about 5.9% during the month of September over the last ten years.
Based on insights from cryptocurrency expert Ali Martinez, it has been observed that if Bitcoin closes September with an increase (i.e., in the green), the remaining three months of the year could potentially yield even more substantial growth.
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2024-09-29 14:14