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Michael Saylor, the co-founder and chairman of MicroStrategy, has once again captured the attention of the cryptocurrency space with a BTC prediction. In a recent tweet, Saylor predicted that "99% of Bitcoin will be mined by January 2, 2035."
Because Bitcoin can only be created through mining, all BTC in existence are those that have been mined. Bitcoin's total supply is currently 19,760,384 BTC or 94.10% of its maximum supply of 21 million BTC, according to CoinMarketCap data, this implies about 1,239,588 BTC left to be mined.
Saylor's prediction implies an acceleration in Bitcoin mining activities over the next decade that would see nearly 5% more of Bitcoin's maximum supply being mined.
If Saylor's prediction holds, it would mean that 99% of Bitcoin's total supply will be in circulation much sooner than many had anticipated. Several market analysts forecast that the final Bitcoin (or the final satoshi) will be generated around the year 2140.
Tomiwabold OlajideThis could lead to several potential outcomes, with 99% of Bitcoin mined, the remaining 1% will become increasingly scarce, potentially driving up the price of Bitcoin as demand outstrips supply. The economics of Bitcoin mining may change considerably, with miners having to adjust to an environment in which the rewards for mining new blocks are significantly decreased.
Bitcoin price action
Bitcoin reached a high of $66,550 in Friday's trading session, the highest level since the beginning of August. BTC surged to $65,988 in the early Sunday trading session before falling to $65,636, up 0.09% in the last 24 hours.
Bitcoin is on track for one of its best September increases as a global wave of interest-rate cuts, led by the U.S. Federal Reserve, aids the largest digital asset in overcoming a seasonal jinx.
Bitcoin is up more than 11.31% this month, compared to an average 5.9% loss in September over the past decade.
According to cryptocurrency analyst Ali Martinez, historically, when Bitcoin ends September in the green, the final three months of the year might see even greater gains.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team