Michael Saylor, co-founder and chairman of MicroStrategy, is once again making waves in the crypto world. In a recent tweet, Saylor predicted that 99% of Bitcoin will be mined by January 2, 2035. This forecast highlights an acceleration in Bitcoin mining activities that could have significant implications for the cryptocurrency’s future.
How Much Bitcoin is Left to Mine?
Bitcoin’s supply is capped at 21 million BTC, and according to CoinMarketCap, 19,760,384 BTC (94.10% of the total supply) has already been mined. That leaves about 1,239,588 BTC still to be mined.
Saylor’s prediction implies that this remaining supply will be mostly mined over the next decade, pushing the percentage of mined Bitcoin to 99%. If this happens, Bitcoin would reach this milestone far earlier than previously expected, as many forecasts had predicted the last Bitcoin would be mined around 2140.
What Could This Mean for Bitcoin?
With 99% of Bitcoin mined, the remaining 1% could become increasingly scarce, potentially driving up the price due to limited supply. As mining rewards decrease, miners may need to adapt to a new environment where earning Bitcoin becomes less profitable. This shift could also impact the economics of Bitcoin mining and the overall market.
Bitcoin Price Action
Bitcoin’s price hit a high of $66,550 during Friday’s trading session, marking its highest level since early August. The cryptocurrency saw another surge, reaching $65,988 on Sunday before dropping slightly to $65,636, with a modest 0.09% increase over the past 24 hours.
Bitcoin is having one of its best Septembers, up over 11.31% this month. This surge contrasts with the historical average September loss of 5.9% over the past decade. The Federal Reserve’s interest rate cuts have likely contributed to Bitcoin’s strong performance, helping it overcome the typical “September slump.”
Positive Outlook for Bitcoin’s Future
According to cryptocurrency analyst Ali Martinez, Bitcoin’s positive performance in September could signal further gains in the final months of the year. Historically, when Bitcoin ends September on a high note, the last three months of the year tend to deliver even greater returns.
