Decrease in Bitcoin Supply and Its Future

Decrease in Bitcoin Supply and Its Future
Decrease in Bitcoin Supply and Its Future

📩 20/11/2023 14:15

While it was predicted that only 1,49 million Bitcoins remained to be produced, the total number of Bitcoins produced to date exceeded 19,54 million. Current data has shown that the supply of the world's largest cryptocurrency by market value is gradually decreasing. 21% of the total supply of Bitcoin, which has a limited supply by nature and it is estimated that only 93 million units can be produced within the scope of Bitcoin mining, has been produced. Kafkas Sönmez, Global Growth Director of the global cryptocurrency exchange, shared his views on the future of Bitcoin supply and Bitcoin mining.

There are only 1,49 million Bitcoins left to be produced!

Data on CoinMarketCap showed that more than 2023 million Bitcoins had been produced as of mid-November 19,54. Considering that the total supply is limited to 21 million, it was determined that only 1,49 million Bitcoins could be revealed as a result of mining activities. Reminding that Bitcoin was designed with a limit, Kafkas Sönmez said, “Bitcoin, designed as an asset class, was developed with a limited supply so that its value is determined according to the supply and demand balance and its price tends to increase over the years. New Bitcoins are added to the total supply approximately every 10 minutes. More precisely, the creation time of each block, to which an average of 6,25 Bitcoins are currently added, is measured as 10 minutes. The number of Bitcoins per block is halved every four years. The next halving, known as Bitcoin halving in the crypto ecosystem, will take place in 2024. "After the halving, 3,125 Bitcoins will be produced for each block," he said.

0,35 Bitcoin per millionaire

Stating that there are approximately 2022 million millionaires in the world according to 60 estimates, Global Growth Director Kafkas Sönmez said, “If we share the current Bitcoin supply equally among these people, there will be only 0,35 Bitcoin for each millionaire. Considering that approximately 6 million of the total Bitcoin produced are irreversibly lost due to reasons such as forgetting the digital wallet password, this average decreases to 0,25. This reveals how rare and valuable Bitcoin currently is. Considering its rarity alone, we can say that even 0,1 Bitcoin could one day be considered a fortune. "Although these calculations predict that the last Bitcoin production will occur in 2140, it is also thought that it is unlikely that Bitcoin will ever reach a supply of 21 million due to network-wide rounding algorithms."

“The future value of Bitcoin will be determined by its usage methods”

Reminding that gold is an asset with a limited supply and that it is a precious metal with intrinsic value that is valid all over the world today, Kafkas Sönmez concluded his evaluations with the following statements:

“Details such as how much of the total Bitcoin supply will be in circulation in the coming years, how much will be accessible, how Bitcoin adoption will progress, and how Bitcoin will be positioned in financial life will determine the future value of the cryptocurrency. If the last Bitcoin is produced, miners will be affected first by this situation, mining fees will be eliminated and all that will remain is transaction fees from which they can generate income. However, these factors we have listed will be decisive in how the end of Bitcoin supply will affect the investor. “As, we are working to adapt to today's and tomorrow's market conditions as quickly as possible, and we are opening the doors of the crypto ecosystem to more than 14 million registered users from all over the world.”