How Much Does 21 Million Bitcoins Equate To In USD?

How Bitcoin Works?

by DailyCryptoInfo 279 Views

How Much Does 21 Million Bitcoins Equate To In USD?

How Bitcoin Works?

by DailyCryptoInfo 279 Views

Using today's Bitcoin price of $3341, 21 million Bitcoin equals $70,175,700,000 (Approximately 70 trillion one hundred seventy five million seven hundred thousand dollars). i.e: Today is December 8, 2018.

There are now 17 million bitcoins in existence — only 4 million left to ‘mine’

The first bitcoins were mined in January 2009. Blockchain.info data shows it took about 200 days to reach the first 1 million coins, but the run to 17 million has taken more than 500 days — the number of bitcoins topped 16 million in November 2016. The remaining 4 million coins aren’t expected to be mined completely for another 122 years.

How-Much-Does-21-Million-Bitcoins-Equate-To-In-USD

The 17 millionth bitcoin “serves as a timely reminder that despite bitcoin’s volatility the fundamentals have never been stronger!” Brandon Williams of cryptocurrency trading firm Cosima Capital, said in an email.

“Not only have there been improvements in scaling and lowering transaction fees (i.e. SegWit and Lightning Network), but bitcoin is finite!” he said. And against limited supply, Williams expects demand from institutional investors to increase, which should send prices higher.

A significant number of bitcoins are also not in circulation. An estimated 980,000 coins, or 4.7 percent of all bitcoins that will ever exist, belong to Satoshi Nakamoto.

Is Bitcoin a store of value?

Gold apologists love to describe the precious metal as a store of value. It somehow gives the "investment" an air of sophistication. Some Bitcoin acolytes have borrowed from the same playbook to call Bitcoin a store of value.

The idea is appealing at first. They note that the U.S. dollar and other currencies are "fiat" money. In other words, there's nothing backing the value of currencies today, like gold once did. While that's also true of digital currencies, they are limited in number. The number of Bitcoin is capped at 21 million. A government can't step in and start "printing" more Bitcoin.

It reminds me of the argument people made to justify the meteoric rise in real estate values ten years ago. After all, they aren't making more land. That argument didn't turn out so well.

All of that said, one can certainly see a use for digital currencies in some parts of the world. In the U.S. we have a stable currency and banking system. That's not the case in many parts of the world, where a digital currency free from government intervention and corrupt bankers could prove very useful.

How-Much-Does-21-Million-Bitcoins-Equate-To-In-USD

The problem, however, is that Bitcoin and other digital currencies are still not widely accepted as a medium of exchange. That they may be useful in limited circumstances and geographies doesn't, at present, make them a store of value

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