- A Bitcoin price surge is expected after the crypto’s supply hit 19 million, 90% of its total supply.
- History has shown that Bitcoin prices go up after the circulating supply increases.
- Bitcoin influencer Lark Davis again encouraged the public to buy Bitcoin.
The price of Bitcoin (BTC) is anticipated to surge following the developments last April 1st, which saw the popular cryptocurrency having more than 90% of its supply in circulation.
While it is unlikely that the community will see Bitcoin reach 21 million mined cryptocurrencies in the near future, history has shown that Bitcoin price shake-ups happened after more tokens were added to its circulation.
The law of supply and demand plays a huge role here. Now that wallet users hold more than $19 million of the $21 million, the Bitcoin supply will be more scarce. With limited supply, overbought coins are higher in demand and have higher prices.
As fear of missing out (FOMO) factors during this period, Bitcoin assets will increase in value as more people race to buy Bitcoin before it runs out.
Notably, there will only ever be 21 million Bitcoin in circulation. While little is known about the pseudonymous Bitcoin creator Satoshi Nakamoto, it is known that Bitcoin was created as a deflationary asset opposite to fiat. The 21 million hard cap makes Bitcoin a hedge against inflation.
Due to this characteristic, Bitcoiners advocate for the general public to switch to the crypto. Lark Davis, for example, recently shared the euro zone inflation spike this March, which recorded a new high of 7.5%.
Davis’ claimed that inflation spikes are “happening everywhere,” later suggesting that people should just “buy Bitcoin.”
At the time of writing, the most popular crypto is valued over $45K with a trading volume of more than $23 billion in the last day.