With the most dominant crypto is left out with only 11 percent of the new BTC to be mined, holding a whole BTC could be a challenge for the newbie
The big companies increasing their bitcoin holdings could add up more demand for the currency in the coming days.
Can Bitcoin be mined after issuing 21 million coins?
Bitcoin recently touched more than 18.5 million circulating supply which is almost 88 percent of the total supply. With less than 2.5 million bitcoins are left to mine, the whole crypto space might get crazy behind it. Hence, newbies who just entered the space could face pretty tough competition from the bitcoin bulls existing in the market.
According to research, nearly 4 million bitcoins have been lost to date, accounting to nearly 1400 bitcoins every day.
It took 12 years for bitcoin to reach 88% of the total supply. And it would take another 100 years to complete the rest. Therefore, yet another though would rise that is can 21 million total supply be increased?
According to the whitepaper, Bitcoin’s supply is fixed which is the main nature of the digital asset to be scarce. On attaining 100% of the total supply, the protocol may be changed to increase the supply only with the consent of the bitcoin community. However, it would be a very rare event.
Crypto Giants Intensify their Bitcoin Holdings
With the increase in the traction for Bitcoin in the crypto community, the market giants jump into action, by holding as much as they can. Earlier Coinpedia reported that a digital asset management company, Grayscale’s Bitcoin holding are increasing every month. The company holds as much as 450,000 bitcoins which accounts for 2.4 percent of the total circulating supply.
On the other hand, Wall Street listed Companies like Microstrategy also believe Bitcoin is one of the safe havens for investment, also increased their holdings. Currently, they hold 38,250 Bitcoins worth of $425 million. Moreover, many more companies are also expected to join the bitcoin space.
Adding more to the substance, Bitcoin whales who hold 1000 to 10000 BTC has also increased substantially. Therefore, Bitcoin’s adoption has increased and believed to be more secured investment has emerged in the times when the supply is contracting every day.
Furthermore, big companies turning their cash reserves into Bitcoin could also ignite the demand. In this scenario, holding one whole bitcoin for a newcomer who has just learnt about the bitcoin ecosystem could be a challenging task.