Bitcoin is known for its deflationary nature. The offer has a hard limit of 21 million coins. Therefore, the creation of a new Bitcoin after the year 2140 is unlikely.
Particularly since its inception in 2009, Bitcoin’s value has grown a million times in ten years. The limited supply makes it a scarce commodity and can help increase the price in the future.
19 done, 2 more to go
On April 1, 2022, the Bitcoin network reached a milestone after data showed that 19 million Bitcoin beaten. However, with nineteen million Bitcoin in circulation, two million more remain outside the circle of circulation.
This milestone took place at block height 730002† mined by SBI Crypto, who also earned 6.32 BTC, about $293,000 as block rewards. At the time of going to press, the total amount of Bitcoin stood at 19,000,000,004.68.
Several crypto enthusiasts took to Twitter to celebrate the occasion. For example, famed podcaster Anthony Pompliano wrote in an April 2 tweet:
The 19,000,000th bitcoin has just been mined.
Only 2 million more bitcoins to go.
— Pump 🌪 (@APompliano) Apr 1, 2022
According to Vlad Costea, founder of Bitcoin Takeover, there are “only 2 million BTC left to” mine in the next 118 years!” In the past 13 years since Bitcoin’s inception, miners have discovered 19 million Bitcoin.
Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, shed light on the scarce feature of this development.
Truly amazing that 19 million of a total of 21 million bitcoin has been issued and distributed worldwide and yet we are only at the beginning of its adoption by the nation state. https://t.co/8MsqbWDapb
— Alex Gladstein 🌋 ⚡ (@gladstein) Apr 1, 2022
In addition, another important step is the Bitcoin halving. Most investors predict that Bitcoin’s value will rise and grow faster between now and the fourth halving in 2024.
This forecast is based on historical performance and the outcomes of the first three halvings.
After the third halving in 2024, the reward would be further reduced from 6.25 BTC to 3.125 BTC. Well, Bitcoin is said to be sensitive to many internal and external factors. Now the question is how BTC reacted to the news of ’19 million Bitcoin was minted’.
Here is the answer
The royal mint was indeed pleased with this development. A sense of bullishness was observed in the community. In fact, BTC surpassed the $46k mark with a fresh 5% increase in 24 hours, at the time of going to press. In addition, the Long Term Hodlers became more powerful than ever before.
According to the insights of IntoTheBlock, long-term investors had a record amount of almost 12 million.
ATH Hodler Balance – Long-Term Investors Now Hold a Record Nearly 12 Million #Bitcoin†
— IntoTheBlock (@intotheblock) Apr 1, 2022
Interesting to note that 74% of BTC holders included impressive gains.