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With a BTC prediction, MicroStrategy chairman and co-founder Michael Saylor has once again drawn attention from the cryptocurrency community. Saylor made the following prediction in a recent tweet: "99% of Bitcoin will be mined by January 2, 2035."
Saylor projects a 5% increase in the amount of Bitcoin that will be mined over the next ten years, based on a rise in mining activity. This might have a number of effects. Since 99% of Bitcoin has already been mined, the 1% that remains will become increasingly rare, which could raise the price of Bitcoin as demand exceeds supply.
Bitcoin Predictions
Bitcoin is a finite resource that can only be created by mining. The total supply of Bitcoin is presently 19,760,384 BTC or 94.10% of its optimum supply of 21 million BTC. This means that there are around 1,239,588 BTC left to be mined. The price of Bitcoin is predicted to rise sharply if demand beats supply.
According to several market analysts, the last Bitcoin will be created sometime in 2140. The incentives for mining new blocks may drastically drop, forcing miners to adapt and perhaps drastically altering the economics of Bitcoin mining.
Mining Awards
Mining activities may become less profitable due to the progressive reduction in mining rewards brought forth by the four-year interval "halving" events. Because of this, miners will have to use multiple strategies to pay for their mining expenses and will get less BTC payouts for discovering new blocks.
This does not, however, imply that mining will stop forever. Miners could have to start making money from transaction fees to maintain the security of the Bitcoin network. This might guarantee the network's survival while bringing about significant changes in the mining ecosystem.
Bitcoin Current Prices
September has seen a lot of volatility in bitcoin pricing. At the end of the previous week, Bitcoin hit $66,550, the highest since early August. It reached $65,988 in the morning on Sunday before dropping to $65,636. This month, Bitcoin has increased by more than 11.31%. This indicates a reversal of the September negative trend, which produced a typical loss of 5.9% during the previous ten years.
Bitcoin is expected to have one of the year's greatest September performances. One of the main reasons Bitcoin's excellent performance this month is the wave of interest rate reductions worldwide spearheaded by the US Federal Reserve.
Future of this Prediction
Michael Saylor's predictions have raised several concerns, such as what will happen to mining in the future, how limited Bitcoin will be, and how this will affect the price. His prediction may come to pass, which might lead to significant adjustments in both Bitcoin's price movement and the mining community.
When past data is examined, cryptocurrency analysts say it's possible that Bitcoin will make even more gains in the remaining three months of the year when it finishes in the green in September. As a result, investors now expect that Bitcoin prices will rise significantly over the next several months.
