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News: 85% of All Bitcoin Have Been Mined: Does Scarcity Create Value?

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Full credits for this video to NewsBTC who listed the info in this video on an article on their website:


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0:00:00 85% of All Bitcoin Have Been Mined: Does Scarcity Create Value?

0:00:05 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".

0:00:11 Despite the fact that Bitcoin is 50% down from its all-time high of $20,000, the project has continued to set milestones.

0:00:19 As noted by countless cryptocurrency Twitter users on Wednesday, the number of Bitcoin that has been mined has officially surmounted 17,850,000. This means that 85% of BTC’s 21 million supply cap has been spent.

0:00:34 For some reason or another, Satoshi Nakamoto, the pseudonymous coder behind Bitcoin, decided to place a supply cap on his creation.

0:00:42 Unless a hard fork takes place, the number of BTC in circulation will never surmount 21 million.

0:00:48 By the end of the day today, 17,850,000 bitcoin will have been mined!

0:00:54 Scarcity is about to kick in.

0:00:56 Although 21 million seems arbitrary, with Satoshi never explaining the reasoning behind this number or the concept of a supply cap itself, there have been some theories about the predicate of this move.

0:01:07 According to Interchange co-founder Dan Held, formerly of Uber, the supply cap is part of Satoshi’s attempts to make BTC a purpose-built store of value.

0:01:16 In a thread covered by this outlet earlier this year, Held explained that per Satoshi’s comments, in which he, she, or they mentioned gold, long-term growth, and Bitcoin’s commodity status, it is clear that the Bitcoin creator believes that the asset’s “scarcity gives it value... as an SoV”.

0:01:31 Held subsequently explained that Bitcoin was conceived to become an alternative to banks, hence the iconic headline that Satoshi embedded in the Genesis Block’s coinbase, not a new version of Visa.

0:01:42 Thanks for checking out this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.


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