How Many Bitcoins have been Mined so Far and How it Affects its Price Forecast

The beginning of April brings good news for Bitcoin. Over 19 million bitcoins have been mined as of 2nd April. It simply means there is about 1.9 million Bitcoin left to mine. Bitcoin’s source code, programmed by Satoshi Nakamoto, limits its financial cap to 21 million. Satoshi invented the code to mimic physical gold’s finite supply, making Bitcoin digital gold. Regardless, mining Bitcoin might be a challenging task since the last coin is predicted to be mined in 2140! Even with 19 million coins mined, the majority of the global population cannot afford even a single Bitcoin, and it seems it’s going to get tougher. Recent research from 2021 concludes that about 106 million people use cryptocurrencies and predict an expansion in the blockchain market by over $35 billion. What it Means for Bitcoin’s Price Forecast Considering the fact that about 90.5% of bitcoins have been mined, its price forecast is also set to change. When the supply reaches its maximum, block miners will no longer receive any rewards, thus affecting its market price. The initial reward price had been reduced following the three halving events from 25 BTC to 6.25 BTC. The next halving is set to occur in 2024, and the reward price will reduce even lower. The halving event happens every four years. Moreover, when Bitcoin’s supply declines, its price remains the same, and in the long run, its price increases. Evidence from the second halving proves this when it...