- Of the 21 million total Bitcoin availability, 19 million is already mined.
- Only 2 million Bitcoin (BTC) is left to be mined.
- The crypto community anticipates a massive bull run amid this discovery.
Bitcoin gets its value from its scarcity. This scarcity comes from Bitcoin (BTC) being a scarce resource. Since its arrival, it was made clear that there are only 21 million Bitcoin available. Due to the crypto being fungible, more than 21 million could own the digital asset.
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In its earlier days, the only way to get Bitcoin was by mining Bitcoin. While Bitcoin miners were the only way to get Bitcoin, those who began mining could trade. These trades were then limited to goods, services, and cash. Eventually, official exchanges such as crypto.con, Binance, and Coinbase allowed trading of Bitcoin against other cryptos.
To this day, Bitcoin maintains its high value due to its scarcity. Presently, Bitcoin miners have mined the major chunk of this limited resource. That is to say, out of the 21 million Bitcoin, 19 million is already mined.
This leaves just a mere 2 million Bitcoins left for miners to mine. More so, once the last of the Bitcoin is mined, the value for the asset will likely skyrocket. After all, scarce resources tend to have the highest demand.
One of the biggest Bitcoin fans, Michael Saylor, the CEO of Michael Strategy, keeps stating how Bitcoin’s value will surpass all our expectations because of its scarcity alone. In one of his latest tweets, he says “Satoshi’s saving grace is Bitcoin (BTC)”.
Presently, the price of Bitcoin (BTC) is $19,729 which is up by 3% over the last 24 hours according to CoinGecko. Many crypto analysts are expecting a massive bull run by early next year. Perhaps more mining will trigger this event.
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