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The CEO of the largest American cryptocurrency exchange, Coinbase, Brian Armstrong, referred to Bitcoin as decentralized global currency that is resistant to inflation and operates without centralized oversight.
Armstrong clarified the designation of “anti-inflationary money” by highlighting Bitcoin’s programmed limited supply of 21 million coins. He noted that the twentieth million Bitcoin was recently mined. Approximately one million coins remain to be mined, but Armstrong suggested that this could take over a century.
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The 20 millionth coin was mined by the Foundry USA mining pool at block height 939,999, as indicated by the Mempool service. It took miners 17 years to extract the first 20 million BTC, and the remaining million coins are expected to be mined at a significantly slower pace. It is anticipated that all Bitcoins will be fully mined around the year 2140. By that time, block rewards will effectively cease, leaving transaction fees as the primary income source for miners.
Every 210,000 blocks, or approximately every four years, the reward for miners for producing a block is halved. When the Bitcoin network launched in 2009, miners received a reward of 50 BTC per block. The most recent halving occurred on April 20, 2024, reducing the block reward to 3.125 BTC. The next halving is projected for April 11, 2028.
According to a recent forecast by Armstrong, Bitcoin’s price could reach $1 million per coin within the next five years. This growth may be accelerated by major Bitcoin holders who regularly purchase the cryptocurrency, such as companies Strategy and Metaplanet.
