While it’s sometimes hard to remember with the large total supplies of other coins, Bitcoin only has a maximum amount of 21 million in BTC to be issues. Of that 21 million, however, only 2.5 million BTC is left for miners to get their hands on.
Only 2.5 Million Left
ChartBTC issued out a tweet, showing that the Bitcoin Network had already passed the 18.5 million BTC mark, in terms of Bitcoin in circulation. What this means, is there’s less than 2.5 million BTC left. Crunching the numbers, this stands at just 11.9% of the total Bitcoin supply to be generated remains for miners to mint.
— ChartsBTC (@ChartsBtc) September 27, 2020
Alongside this, ChartBTC highlighted that half of this remaining 2.5 million BTC will see itself mined within the next four years’ time. Ever since the genesis block had been made back in 2009, the Bitcoin Network had seen three halving events occur. The last halving event took place in May of this year. With the issuance of new coins being halved once every four years, the very last Bitcoin isn’t expected to be mined until all the way in 2140, when everyone reading this has already died of old age.
However, after that year, no more new bitcoin will ever be mined. Luckily for these readers, however, that’s still a long time from now.
Massive Speculations Over Latest Halving
It was reported back in May, prior to the halving, that this year’s Bitcoin halving was different. Experts speculated before the halving had even occurred, that this one would be different from the rest, as was proven by virtue of hindsight.
These experts had a live panel discussion about the matter, all agreeing that the macroeconomics of Bitcoin’s environment had changed. A key highlight of this, was how more and more people were heavily considering using Bitcoin as a hedge, storing their life savings in BTC as opposed to the troubled monetary system.
Increase In Institutional Interest
Alongside this, Bitcoin had seen a significant increase when it comes to institutional demand, ever since early 2020. Data from a survey made by Evertas, a crypto insurance company, showed that institutional-level investors are making plans to increase their respective allocations of Bitcoin, regardless of short-term price dips.
This was done by way of MicroStrategy, which stands as the largest sovereign wealth fund in the world. MicroStrategy now proudly owns an impressive 577.6 BTC within its holdings.
Times are changing, and it seems Bitcoin has reached a very important milestone. While it’ll be more than a century before the last new Bitcoin is mined, the crypto space at large is unrecognizable since it started back in 2009, and hopefully innovations will only continue.