U.Today – Michael Saylor, co-founder and chairman of MicroStrategy, has once again captured the attention of the cryptocurrency space with his BTC prediction. In a recent tweet, Saylor predicted that the mine would be “99% mined by January 2, 2035.”
Bitcoin can only be created through mining, so all BTC in existence has been mined. According to CoinMarketCap data, the total supply of Bitcoin is currently 19,760,384 BTC, or 94.10% of the maximum supply of 21 million BTC, which means approximately 1,239,588 BTC remains to be mined.
Saylor's predictions suggest that Bitcoin mining activity will accelerate over the next decade, with nearly 5% of Bitcoin's maximum supply further mined.
If Saylor's prediction is correct, 99% of the total Bitcoin supply will be in circulation much sooner than many expected. Several market analysts predict that the last Bitcoin (or last Satoshi) will be created around 2140.
This could cause the price of Bitcoin to rise as once 99% of Bitcoin is mined, the remaining 1% becomes increasingly rare and demand outstrips supply, leading to several potential may lead to consequences. The economics of Bitcoin mining can change significantly, and miners will have to adapt to an environment where the rewards for mining new blocks are significantly reduced.
Bitcoin price fluctuation
Bitcoin hit a high of $66,550 in trading on Friday, its highest level since early August. BTC soared to $65,988 in early trading on Sunday before falling to $65,636, up 0.09% over the past 24 hours.
Bitcoin post its biggest gain in September as a wave of global interest rate cuts led by the US Federal Reserve helps the biggest digital asset overcome a seasonal jinx. It is recorded.
Bitcoin is up over 11.31% this month, compared to an average decline of 5.9% in September over the past 10 years.
Historically, if Bitcoin ends September in the black, it could see an even bigger rally in the last three months of the year, according to crypto analyst Ali Martinez.
This article was originally published on U.Today
