Bitcoin, often referred to as the mother of all cryptocurrencies, is steadily approaching a crucial milestone according to its predicted structure. Created 11 years ago by an anonymous group, there are currently 18.5 million Bitcoins (BTC) in circulation, obtained through the process of mining. This leaves about 2.5 million Bitcoins yet to be mined before the total supply is exhausted. If everything goes according to plan, this final mining event is expected to occur in the year 2140.
Bitcoin has come a long way since its inception. To date, three halving events have taken place, providing data that allows us to analyze the unknown future by extrapolating from what we know. Over the past decade, significant developments have occurred that have dramatically reshaped the digital market landscape.
As of the latest data from CoinMarketCap, the global market capitalization for digital assets stands at $2,13 trillion. Bitcoin alone holds a market capitalization of $1,1 trillion and boasts a daily trading volume of $31.01 billion. These figures underscore Bitcoin’s dominance, accounting for approximately 57.17% of the global market share. Although this dominance was once 100% in its early years, Bitcoin’s global adoption has grown tremendously.
As the new supply of Bitcoin continues to decrease—due to the halving events that occur roughly every four years—the market price is expected to rise, assuming current fundamentals persist.
At the time of writing, Bitcoin is valued at $60,866.30. With 90% of the total Bitcoin supply already mined, it’s anticipated that the mining industry, which has a significant influence on Bitcoin’s market price, will undergo several changes. Analysts predict that Bitcoin mining will expand into new continents and countries beyond Asia and China.
As institutional investors gain more confidence in placing substantial investments in the Bitcoin sector, the future looks increasingly promising. This trend is likely to encourage other countries to focus more on mining Bitcoin.
Predicting the exact time when all Bitcoins will be mined is challenging. New blocks are added approximately every 10 minutes. The further we try to project when specific halvings will occur, the harder it becomes to be accurate. Given that so much can change over the next 120 years, the final mining event could happen earlier or later than the predicted 2140, potentially differing by a few years.
In any case, all Bitcoins will not be mined within our lifetimes. Current investors can rest easy knowing that the demand for Bitcoin is likely to continue rising, even as the new supply diminishes.
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