MicroStrategy’s co-founder and CEO Michael Saylor has made some remarkable comments in the cryptocurrency world. He has come to the fore with a particularly bold Bitcoin prediction. In his latest post, Saylor predicted that “99% of Bitcoin will be mined by January 2, 2035.” This prediction indicates that Bitcoin mining activities will accelerate in the next decade and that 99% of the maximum supply could be reached earlier. Here is Michael Saylor’s remarkable Bitcoin prediction.
Bitcoin Forecast: Impact of Mining and Supply
Bitcoin is a finite asset that can only be produced through mining. Its total supply is limited to 21 million BTC, 94% of which has already been mined. According to CoinMarketCap, there are 19,760,384 BTC in circulation, with the remaining 1,239,588 BTC yet to be mined. Saylor’s prediction suggests an acceleration in Bitcoin mining. This means that mining activities could accelerate in the coming years, leading to Bitcoin’s limited supply being reached more quickly.
Saylor’s estimate means that 99% of Bitcoin will be mined much earlier than many market analysts predict. Current projections predict that the last Bitcoin will be mined in 2140. However, this new estimate is an important sign that mining activities will accelerate. If 99% of the supply is mined, the remaining 1% will become even rarer, and if demand exceeds supply, Bitcoin’s price is expected to increase significantly. The scarcity principle has a significant impact on the price of Bitcoin. The remaining 1% of BTC becoming more difficult to access could increase the interest of investors and miners. In addition, the reduction of mining rewards will also change the economic structure. The reduction of rewards with “halving” events that occur every four years could make mining less profitable.
As a result, miners will receive fewer BTC rewards for mining new blocks and may have to develop new strategies to cover their costs. However, this does not mean that mining will end. Miners may have to turn to transaction fees to secure the Bitcoin network, which could create radical changes in the mining ecosystem.
Bitcoin’s Current Price Movements$BTC
Bitcoin prices have been quite volatile in September. At the end of last week, Bitcoin reached its highest level since early August, reaching $66,550. In Sunday morning trading, the price rose to $65,988, then fell to $65,636. There was a 0.09% increase in the last 24 hours. Bitcoin is set to record one of its best September performances of the year. The wave of global interest rate cuts led by the US Federal Reserve (Fed) stands out as a major factor supporting Bitcoin’s strong performance this month.
Bitcoin has gained more than 11.31% this month. This is a reversal of the negative trend in September, which resulted in an average loss of 5.9% over the past decade. According to crypto analyst Ali Martinez, when examining historical data, the probability of larger gains in the last three months of the year increases when Bitcoin closes in the green in September. This leads investors to expect a significant increase in Bitcoin prices in the coming months.
Michael Saylor’s prediction that 99% of Bitcoin will be mined by 2035 has been widely echoed in the crypto community. This prediction raises many questions about the future of mining, the scarcity of Bitcoin supply, and its impact on the price. If Saylor’s prediction comes true, this major shift in Bitcoin supply could create radical changes in price movements and the mining ecosystem.