Are we slowly but surely moving towards a real scarcity of the number of bitcoins (BTC) available? In any case, this is what the new data revealed by the Clark Moddy Bitcoin dashboard suggests. They show that there are only 9% of BTC units left to be mined for the next 100 years.
Bitcoin is becoming rare
“Only 9% remains to be extracted over the next 118 years,” can we read in a recent publication of Bitcoin Magazine, which draws on data from Clark Mody Bitcoin. According to the data platform, 91% of BTC has been mined. Consequently, there remains less than 1.9 million units of BTC to emit. According to this data, the scarcity of bitcoin (BTC) tends to intensify.
If it turns out that BTC is going to become even rarer than it is now, there is a good chance that this crypto will strengthen its status as a deflationary currency. Indeed, the total supply is limited to 21 million units. It should also be noted that the reward for specialists in mining could increase to 6.25 BTC per unit block of cryptocurrencies.
Although there are few prospects for specialists in the mining, several people are planning to get into the field. Thus, even in its rarity, BTC proves that it remains the king of cryptocurrencies.
The reaction of countries to scarcity
In a context of bitcoin (BTC) scarcity, the states that have made it the pillar of their economic system could be pitied. This is the case of El Salvador. While the country has adopted BTC as legal tender in 2021, the price of cryptocurrency has not stopped decreasing. It is down more than $48,000 from its previous high. Nevertheless, El Salvador does not intend to abandon it.
The nation of Nayib Bukele still trusts the king of cryptocurrencies. It continues to acquire more, while adopting a buy-down strategy. At the same time, the authorities are launching new centers for mining for increase the amount of BTC in the country.
Some States prefer, for their part, to play the card of caution. For example, even though Sweden has indicated that it will enter the cryptocurrency sector, it has revealed that it prefers save electricity to create jobs rather than using them for the benefit of digital assets.
As time passes, data shows that the amount of BTC available is decreasing. That said, even if we tend towards a real scarcity, analysts remain positive. They believe that the value of cryptocurrency will strengthen further, since a scarce good is necessarily a good that has value.
Source : Bitcoin Magazine
Receive a digest of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Tremplin.io!
