U.Today – Michael Saylor, co-founder and CEO of MicroStrategy, has once again captured the attention of the cryptocurrency space with his BTC forecast. In a recent tweet, Saylor predicted that “99% of deposits will be produced by January 2, 2035.”
Since Bitcoin can only be created through mining, all BTC in existence are those that have been mined. Bitcoin’s total supply is currently 19,760,384 BTC, or 94.10% of its maximum supply of 21 million BTC, according to CoinMarketCap data, which means there are approximately 1,239,588 BTC left to be mined.
Saylor predicts Bitcoin mining activity will accelerate over the next decade, resulting in almost 5% more of Bitcoin’s maximum supply being mined.
If Saylor’s predictions come true, it will mean that 99% of Bitcoin’s total supply will be in circulation much sooner than many predicted. Several market analysts predict that the final Bitcoin (or final satoshi) will be generated around the year 2140.
This could lead to several potential outcomes: With 99% of Bitcoins mined, the remaining 1% will become increasingly rare, which could potentially drive up the price of Bitcoin as demand outstrips supply. The economics of Bitcoin mining may change significantly, and miners will have to adapt to an environment where the rewards for mining fresh blocks are significantly reduced.
Bitcoin price action
During Friday’s session, Bitcoin hit a high of $66,550, its highest level since early August. BTC rose to $65,988 during the early Sunday trading session before falling to $65,636, up 0.09% over the past 24 hours.
Bitcoin is on track for one of September’s best gains as a global wave of interest rate cuts, led by the U.S. Federal Reserve, helps the largest digital asset overcome a seasonal slump.
Bitcoin is up more than 11.31% this month, compared with an average loss of 5.9% in September over the past decade.
According to cryptocurrency analyst Ali Martinez, historically speaking, when Bitcoin ends September in the green, the last three months of the year can bring even greater gains.
