The cryptocurrency mining division of the Japanese bank SBI became the owner of the 19 millionth Bitcoin coin mined as a reward for block 730002. The total emission of the main cryptocurrency is limited to 21 million BTC, while the remaining 2 million will be mined over the next 118 years .
The limited issuance of digital currency will cause a strong growth in the rate of digital currency, according to VanEck investment company, which has become widely known as a pioneer in the launch of Bitcoin ETF.
Analysts have no doubt that BTC will be included in the list of gold and foreign exchange reserves of countries (GFR) in the future, which will lead to a deficit of the asset in real circulation. According to the upper limit of the VanEck forecast, $4.8 million will be given for the first cryptocurrency in the future. If this forecast does not come true and BTC remains only in private hands, the value of the coin will rise to $1.3 million.
The math behind VanEck is quite simple. At the moment, 70% of the issue has already been “frozen”. Of these, 20% of Bitcoin are considered forever lost, according to research by the New York Times. This includes the “posthumous losses” of John McAfee, the founder of the Quadriga CX cryptocurrency exchange, Jerry Cotten, and the first Bitcoinist Mircea Popescu, who died and “took to the grave” 1 million BTC.
According to Glassnode, another 10% of the supply of Bitcoin has not been moved by the largest holders since 2011. Large and medium-sized investors, as well as exchange platforms, “freeze” 10 million BTC each for at least a year.
Over time, this deficit will only grow due to an increase in the number of institutional clients and government initiatives. Last year, El Salvador legalized Bitcoin as the second national currency. This expanded the number of retail clients of the Lightning Network, which is tied to Chivo, the official government wallet.
The experience of El Salvador can act as a driver for the adoption of BTC in developing countries and, as a result, the entry of cryptocurrency into gold reserves. Parallel to these processes, the development of retail trade for BTC at the global level will take place.
#Extraction #millionth #Bitcoin #coin #frozen #issue #million #BTC