Satoshi, the developer of Bitcoin, imagined that 21 million bitcoins would soon be available when the network was launched in 2009. They were gradually to be released via the mining network until February 2140.

To ensure consistent Bitcoin’s price, it was necessary to fix Bitcoin. Bitcoin’s popularity led to a rapid increase in miners. This allowed for faster Bitcoin mining than expected.

95% of Bitcoin Mined In Nearly 13 Years
Bitcoin passed a significant milestone Monday, 13/12. At the time of writing, 90% of Bitcoin’s capped supply of 21,000,000 coins has already been mined – Bitcoin now has a total supply of 18,899,675 BTC.

With the first being Bitcoin mined on January 9, 2009, it has taken Bitcoin miners one month short of 13 years to mine 90% of the asset’s total supply. When all of the Bitcoins have eventually been mined, miners will depend on fees from the transactions occurring on the cryptocurrency’s network for revenue.

The scarcity theory was confirmed by the fact that Bitcoin’s price stood at $0.10 in the early 2010s, after only 10% had been mined. However, when 50% of Bitcoin’s total supply had been mined, it hovered over $7.50. Bitcoin trades at $48.6k at the time this article was written.

The Flipside

• Even though Bitcoin has become more scarce, BTC’s price is not in line with price predictions. It was predicted to reach $100k in 2021.

Additionally, there are more Bitcoin-holding addresses than ever, which suggests that people have greater access to Bitcoin.

You should care

Bitcoin’s limited supply will create scarcity, which is expected to drive the price of BTC to higher heights.

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