KEY POINTS

  • There are only 21 million Bitcoins that can be mined in total
  • Only 2.5 million BTC are left to be mined and analysts say half of this will be mined before 2024
  • The last Bitcoin will be mined in 2140

Analysts expect scarcity of Bitcoins would drive up the value for the benchmark cryptocurrency as now there are only around 2.5 million BTC left to be mined. 

Bitcoin has a fixed 21 million supply and after the last Bitcoin is mined, there will be no new Bitcoins to be released. The release follows a strict schedule that is marked by halving events, or events that cut the Bitcoin release into half. The last time this happened was in May 2020, when it was cut to 6.25 BTC from 12.5 BTC pre-halving. 

The last Bitcoin is expected to be mined in the year 2140. The first Bitcoins were mined in 2009.

A chart shared by Twitter user ChartsBTC shows that 18.5 million BTC are already in circulation, meaning only 2.5 million BTC are left to be mined. ChartsBTC also noted that half of this 2.5 million BTC will be mined in the next four years before the Bitcoin halving in 2024.

The chart shared clearly showed the schedule of release for Bitcoin and how the cut in supply affects it. 

The halving, which cuts the Bitcoin supply, is a primary factor that makes the benchmark cryptocurrency a store of value like gold. As a store of value, it is scarce, people demand for it and its value stabilizes as it matures and maintains it during times of economic uncertainty.

Bitcoin as a store of value is also a primary motivator as to why institutional demand has slowly increased in the cryptocurrency gradually, said Cointelegraph. Another report said institutional investors across the U.S. and the U.K are enthusiastic about increasing their cryptocurrency exposure and that they plan to buy Bitcoin every time it dips in value.

Another clear sign of increasing mainstream demand is when billion-dollar company MicroStrategy bought Bitcoins as a hedge against inflation. A number of companies, including BlackRock, the Vanguard Group and the Norwegian Government Pension Fund now indirectly owns Bitcoin because of their investment in MicroStrategy. The company previously said it currently owns 38,250 BTC.

bitcoin_large Bitcoin Photo: Getty