Bitcoin is known for its deflationary nature. Its supply has a hard limit of 21 million coins. Therefore, the creation of a new Bitcoin is unlikely after the year 2140.
Notably, since its inception in 2009, the value of Bitcoin has grown a million-fold over a decade. The limited supply makes it a scarce commodity and can help increase its price in the future.
19 done, 2 to go
On 1 April 2022, the Bitcoin network reached a milestone after records showed that 19 million Bitcoin got minted. However, with nineteen million Bitcoin in circulation, two million Bitcoin remain out of the circulation circle.
This milestone occurred at block height 730002, mined by SBI Crypto, which likewise earned 6.32 BTC, roughly $293,000 as block rewards. At press time, the total amount of Bitcoin stood at 19,000,004.68.
Different crypto enthusiasts took to Twitter to celebrate this occasion. For instance, renowned podcaster Anthony Pompliano, in a 2 April tweet wrote,
The 19,000,000th bitcoin was just mined.
Only 2 million more bitcoin to go.
— Pomp 🌪 (@APompliano) April 1, 2022
According to Vlad Costea, founder of Bitcoin Takeover, there are “only 2 million BTC left to mine in the next 118 years!” Over the past 13 years since the inception of Bitcoin, miners have uncovered 19 million Bitcoin.
Alex Gladstein, Human Rights Foundation’s chief strategy officer, shed light on the scarce attribute of this development.
Truly amazing that 19 million of a total of 21 million bitcoin have been issued and globally distributed and yet we are only at the very dawn of nation-state adoption. https://t.co/8MsqbWDapb
— Alex Gladstein 🌋 ⚡ (@gladstein) April 1, 2022
In addition to this, another significant step is the Bitcoin halving. Most investors predict Bitcoin’s value will rise and grow faster between now and its fourth halving in 2024.
This prediction is based on its 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 did BTC react to the news of ’19 million Bitcoin got minted.’
Here’s the answer
The king coin indeed rejoiced following this development. A sense of bullishness was perceived in the community. In fact, BTC surpassed the $46k mark with a fresh 5% surge in 24 hours, at press time. In addition, the Long term Hodlers became more potent than ever before.
According to IntoTheBlock’s insights, long-term investors held a record amount of nearly 12 million.
ATH Hodler Balance – long-term investors now hold a record amount of nearly 12 million #Bitcoin.
— IntoTheBlock (@intotheblock) April 1, 2022
Interesting to note that 74% of BTC holders recorded impressive profits.