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Number of US Bitcoin Users Now Exceeds Maximum BTC Supply

ByBit
  • Alex Dovbnya
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    There is a good chance that you will not be able to own 1 BTC after the upcoming reward halving

Number of US Bitcoin Users Now Exceeds Maximum BTC Supply
Cover image via www.123rf.com

According to a new Coinbase report, which was published on Bitcoin's 11th anniversary, the number of Americans who use Bitcoin now exceeds the maximum circulating supply of the world's first cryptocurrency.   

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Bitcoin Payments Now Accepted by Leading US Phone Carrier AT&T

The San Francisco-based crypto behemoth has estimated that 27 million Americans use Bitcoin in 2019, which represents roughly nine percent of the US population. Meanwhile, there will be only 21 mln orange coins that will be mined in total.

"Email was invented in 1972 but it took until 1997 for adoption to surpass 10 million people. The television set was invented in 1927 but by the end of the 1940s only 2% of American families owned one. Bitcoin, on the other hand, went from an idea in 2008, and a first transaction in 2009, to over 27 million users in the US alone in 2019, or 9% of Americans," the blog post states. 

Coinbase CEO Brian Armstrong recently recalled the day when he found out about Bitcoin back in 2010. It instantly occurred to him that Bitcoin could be the most significant invention since the internet.

As reported by U.Today, Bitcoin is a disinflationary currency, which means that the level of its inflation will be gradually decreasing until BTC reaches the 21 mln hard cap (it is expected to happen in 2140).  

With each reward halving (the next one will happen in May 2020), Bitcoin becomes more scarce, which historically creates a bullish case for the coin's price. 

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Just Two Percent of Brits Own Bitcoin and Want to Buy More: New Survey

Just Two Percent of Brits Own Bitcoin and Want to Buy More: New Survey

However, the fact that you will not be able to buy a full Bitcoin doesn't mean that you are already late to the party.

According to a study published by CryptoRadar, 64.8 percent of Americans are not planning on putting their money into "digital gold" anytime soon. Hence, it's evident that this asset is still in a very early stage of its adoption.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
    📰 News

    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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Peter Schiff Reacts to Sudden Bitcoin Price Drop: "Get Ready for the Dump!"

Peter Schiff Reacts to Sudden Bitcoin Price Drop:

"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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