Bitcoin's Available Supply Nears 20 Million Tokens

(MENAFN- Yolo Wire) Cryptoprowl / Bitcoin (CRYPTO: $BTC) is on the cusp of a major milestone as it prepares to issue its 20 millionth cryptocurrency token.

According to market data, 19,996,979 Bitcoin have been mined to date. That leaves about 3,000 BTC remaining before the 20 millionth token is produced.

Analysts say the 20 million milestone for Bitcoin should be reached within seven days. Once that threshold is crossed, more than 95% of the available supply of BTC will be in circulation.

That leaves one million Bitcoins left to be mined, a feat that is expected to take another century to accomplish.

Satoshi Nakamoto, who created Bitcoin, hard coded a limited 21 million Bitcoins total, which will lead to scarcity and contrast with currencies that can be printed in perpetuity by central banks.

Bitcoin's scarcity is often compared to the limited global supply of commodities such as gold and crude oil.

But while commodity supplies can be adjusted by increased production or new discoveries, Bitcoin's issuance cannot accelerate. Its supply is fixed and transparent.

Currently, about 450 Bitcoin are mined each day. At the current pace, 99% of BTC's supply will be mined by January 2035, according to crypto experts.

The final 21 millionth Bitcoin is expected to be mined in the year 2105.

For crypto bulls and Bitcoin maximalists, the upcoming 20 million milestone reinforces Bitcoin's scarcity narrative as new supply of the cryptocurrency steadily declines.

The 20 million milestone approaches as the price of BTC continues to slide lower. Bitcoin has fallen 3% in the last 24 hours to currently trade at $66,900 U.S.

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