Michael Saylor, co-founder and chairman of MicroStrategy, has once again stirred the cryptocurrency community with a bold prediction regarding Bitcoin (BTC). In a recent tweet, Saylor stated that “99% of Bitcoin will be mined by January 2, 2035.”
Bitcoin is unique in that it can only be created through the mining process. Currently, there are 19,760,384 BTC in circulation, representing approximately 94.10% of the maximum supply of 21 million BTC, according to CoinMarketCap. This leaves about 1,239,588 BTC yet to be mined. Saylor’s prediction suggests an acceleration in mining activity over the next decade, potentially leading to nearly 5% more of Bitcoin’s maximum supply being mined within that timeframe.
If Saylor’s forecast materializes, it would mean that 99% of Bitcoin’s total supply could enter circulation much sooner than previously expected. Many market analysts have projected that the last Bitcoin, or the final satoshi, will not be generated until around the year 2140.
This rapid approach to the 99% mined threshold could have significant implications. As Bitcoin becomes increasingly scarce, particularly the remaining 1%, it may lead to heightened demand and, consequently, rising prices. The economics of Bitcoin mining could also shift dramatically, compelling miners to adapt to a landscape where rewards for mining new blocks are considerably diminished.
Bitcoin Price Movement
In recent trading sessions, Bitcoin reached a high of $66,550, marking its highest price since early August. The cryptocurrency surged to $65,988 in early Sunday trading before slightly retreating to $65,636, reflecting a 0.09% increase in the past 24 hours.
Bitcoin is on pace for one of its strongest September performances, buoyed by a global trend of interest rate cuts, particularly by the U.S. Federal Reserve. This support has helped the leading digital asset overcome typical seasonal declines. Currently, Bitcoin has risen over 11.31% this month, contrasting sharply with an average loss of 5.9% typically experienced in September over the past decade.
Cryptocurrency analyst Ali Martinez notes that historically, when Bitcoin finishes September in positive territory, the final three months of the year often yield even greater gains, hinting at potentially bullish trends ahead.
Related Topics:
