Number of US Bitcoin Users Now Exceeds Maximum BTC Supply

Latest Cryptocurrency News
Fri, 11/01/2019 - 07:26
Alex Dovbnya
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.   

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

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

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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, can be contacted at alex.dovbnya@u.today.