As a seasoned researcher with a knack for understanding the intricacies of the digital economy, I find myself continually amazed by the trajectory of Bitcoin. With less than 1.19 million BTC left to be mined, it’s fascinating to witness the evolving narrative surrounding this revolutionary cryptocurrency. The growing interest from governments, particularly the U.S., adds an unprecedented layer of complexity that could potentially redefine global finance as we know it.
2024 has seen significant achievements for Bitcoin, including hitting record highs and various governments considering a Bitcoin reserve. Interestingly, only about 1.19 million Bitcoins remain to be mined according to the data.
As more people around the globe embrace the concept of using Bitcoin (BTC) extensively, the amount of unmined Bitcoin left continues to shrink, making it even scarcer.
According to Clark Moody’s data, approximately 1,198,640.60 Bitcoins remained unmined by December 26. At this point, about 94.29% of all Bitcoins had already been mined, with around 220.32 BTC being deemed invalid for transactions.
8 nations such as Venezuela, China, and more recently, Russia, have prohibited Bitcoin mining because of energy efficiency issues. On the other hand, steep energy costs have made Bitcoin mining more costly than ever before in nations where it’s still permitted.
Based on figures provided by crypto.news, the current circulating Bitcoin supply stands at approximately 19.8 million units, while its total, or maximum, supply is set at 21 million.
The current market value of Bitcoin amounts to approximately $1.890 trillion, keeping its position as the most valuable cryptocurrency. Over the past day, Bitcoin has seen a decrease of 3.4%. At this moment, each Bitcoin is being traded for around $95,280.
Additionally, Bitcoin’s fully diluted market cap amounts to an impressive $2,004 trillion, while its daily trading activity totals approximately $41 billion.
On December 17th, Bitcoin attained its most recent record-breaking value, soaring as high as $108,280. This digital currency surpassed the $100,000 milestone for the first time on December 5th, propelled by an optimistic trend in the crypto market triggered by Donald Trump’s victory in the U.S. Presidential Election.
Trump has repeatedly expressed his desire to transform the United States into the global leader in cryptocurrency, with proposals for creating a crypto advisory board and setting up a national Bitcoin reserve. On December 16th, Trump held discussions with Crypto.com CEO Kris Marszalek regarding drafts of a U.S. Strategic Bitcoin Reserve within the Treasury’s Exchange Stabilization Fund.
Michael Saylor, the head of MicroStrategy (the company with the most Bitcoin among corporations globally), presented an idea on December 21st outlining a possible Bitcoin reserve, which might potentially yield between $16 trillion and $81 trillion for the U.S. Treasury.
In different parts of the world, similar actions were taken, including the European Union, where Parliament Member Sarah Knafo advocated for the EU to invest in Bitcoin by establishing strategic Bitcoin reserves at a national level.
Furthermore, a Russian state representative suggested that Russia might want to think about establishing a strategic Bitcoin reserve within its borders. Previously, lawmakers in Brazil put forth a bill suggesting that Brazil’s reserves could be valued at up to $18.5 billion in Bitcoin.
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2024-12-26 16:08