Today marks an incredible milestone as today the 17 millionth Bitcoin was mined. The total supply of Bitcoin is capped at 21 million which means only 4 million Bitcoins remain or approximately 19 percent.
Its been almost a year and a half since the 16 millionths Bitcoin was mined in November 2016. When Bitcoin was created, it was coded to dictate that only 21 million Bitcoins would be created to create scarcity much like other stores of value like gold.
The protocol was also designed to exponentially slow down the rate in which blocks are mined. Every 210,000 blocks, the network halves the block reward.
The last time the block reward was halved was back in July 2016 with miners currently receiving 12.5 bitcoin for successfully mining a block. If a new block is validated every 10 minutes as envisioned by Satoshi Nakamoto, then the last Bitcoin will be minted in 2140.
With only 4 million Bitcoins remaining, one can only speculate as to whether to not Bitcoins price will skyrocket with scarcity. This was originally envisioned in Satoshi’s Bitcoin white paper. This correlates with the block reward being halved as it was expected that each block would become more valuable.
Much like Gold and precious metals, one could also speculate that the price of Bitcoin will become more stable as the total supply is mined. This would mean Bitcoin can be considered a more reliable store of value in the future.
In recent days, we have seen many analyst declare their bullish outlook on Bitcoin and Cryptocurrencies in general. VC Tycoon Tim Draper recently made a statement that Bitcoin is;
“bigger than the internet, it’s bigger than the Iron Age, the Renaissance [and] the Industrial Revolution.’
Draper also stated that he predicts Bitcoin to be worth more then $250k per coin within the next four years.
Dan Morehead, CEO of Pantera Capital which is a one billion dollar hedge fund also made a very bullish statement that the crypto market will hit 40 trillion dollars in the next 10 years.
With predictions like this its hard not to be excited for the future and overall cryptocurrency market regardless of whether or not Bitcoin sits on the throne.