Despite the popular belief that Bitcoin is scarce due to the 21 million BTC supply limit, the reality is different. The concept of scarcity is contradicted by the fact that each Bitcoin is highly divisible to eight decimal places, resulting in 100 million satoshi (sats) per Bitcoin. This divisibility makes Bitcoin far from scarce.
The current Bitcoin supply is 19.68 million, which translates to 1.968 quadrillion sats. By 2140, this number will be 2.1 quadrillion sats. To put this in perspective, the underlying money supply of the US dollar is currently under $5.9 trillion, while the broader M3 is under $20.8 trillion. If Bitcoin is considered scarce, so should the US dollar.
While it is true that only 21 million people can own one Bitcoin, the number of Bitcoin addresses containing at least one Bitcoin is slowly increasing. Currently, approximately 1 million addresses hold at least 1 BTC. However, it is not clear how many of these addresses belong to the same person or how many exchange accounts have million-dollar Bitcoin balances.
There are also 53 million Bitcoin addresses with one or more satoshis. If the current supply were suddenly distributed to these addresses, each would receive more than 37 million satoshi, equivalent to $25,500. This further challenges the concept of Bitcoin's scarcity.
The perception of scarcity is attributed to the 'fiat brain', which automatically considers the largest unit when considering Bitcoin as a currency. However, satos are currently incredibly cheap, priced at $0.00069 each, and are often overlooked. If each sato were exactly the current price of one Bitcoin, an equal distribution would give every living person $16.7 billion worth of BTC.
In light of the upcoming Bitcoin halving, there has been renewed interest in the idea of pricing Bitcoin in sats rather than whole coins. This could potentially change the perception of Bitcoin's scarcity and provide a more accurate representation of the cryptocurrency's supply.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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WHEN WILL THE AWARD COME?
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