{"id":401793,"date":"2019-10-19T05:17:45","date_gmt":"2019-10-19T05:17:45","guid":{"rendered":"https:\/\/wncen.com\/?p=401793"},"modified":"2024-06-11T13:31:16","modified_gmt":"2024-06-11T13:31:16","slug":"happy-18-millionth-bitcoin-btc-scarcity-implies-large-price-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/happy-18-millionth-bitcoin-btc-scarcity-implies-large-price-rally\/","title":{"rendered":"Happy 18 Millionth Bitcoin! BTC Scarcity Implies Large Price Rally"},"content":{"rendered":"<p>Mere hours ago (as of the time of publishing this), the <a href=\"https:\/\/wncen.com\/2019\/10\/18\/major-bitcoin-milestone-only-3-million-btc-left-to-mine\/\">18 millionth Bitcoin<\/a> (BTC) was mined.<\/p>\n<p>As revealed by <a href=\"https:\/\/t.co\/vFuZWv34d3\" rel=\"nofollow\">Statoshi.Info<\/a>, a recent block brought the 18th million coin into existence, leaving three million BTC remaining out of the hard-capped 21 million coin supply.<\/p>\n<p>While this milestone may seem irrelevant to those not involved in the cryptocurrency industry, the Bitcoin community has been celebrating this event, filling the Twitter feeds of cryptocurrency investors the world over.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This Friday the 18th million Bitcoin will be mined<\/p>\n<p>There are only <a href=\"https:\/\/twitter.com\/hashtag\/3MillionLeft?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#3MillionLeft<\/a><\/p>\n<p>Our mission is to make it easy for everyone to be a part of this once in a species revolution<\/p>\n<p>&mdash; farbood \u2014 e\/acc (@farbood) <a href=\"https:\/\/twitter.com\/farbood\/status\/64599809?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 16, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This is for good reason: Bitcoin&#8217;s strict algorithmically-enforced scarcity, which many say is what gives the cryptocurrency such an advantage over fiat monies and other cryptocurrencies, is believed to imbue the asset with much of its value.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/10\/18\/bitcoin-price-death-cross-10-days-out-as-btc-stagnates-at-8000\/\">Bitcoin Price \u201cDeath Cross\u201d 10 Days Out as BTC Stagnates at $8,000<\/a><\/h6>\n<h2><strong>Scarcity to Drive Bitcoin Price Sky High: Model<\/strong><\/h2>\n<p>Munich-based financial institution Bayerische Landesbank (BayernLB) has predicted that the block reward halving \u2014 a key event in Bitcoin&#8217;s scarcity narrative \u2014 will give Bitcoin to fuel to jet past its previous all-time highs.<\/p>\n<p>In an\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/state-backed-german-bank-says-bitcoin-will-leap-to-90-000-in-2020\" rel=\"nofollow\">extensive paper authored<\/a> by senior analyst Manuel Andersch, it was explained that due to its characteristics and similarities to gold, Bitcoin\u2019s price might be able to be fairly predicted by a stock-to-flow (new yearly supply over above-ground supply of a commodity) model. The model says that once Bitcoin\u2019s block reward reduction is cut in half next year, the cryptocurrency will have a fair valuation of $90,000 per coin.<\/p>\n<p>BayernLB\u2019s model was derived from <a href=\"https:\/\/wncen.com\/2019\/07\/14\/refreshed-model-bitcoin-btc-to-see-100000-after-2020s-halving\/\">one made by PlanB<\/a>, a pseudonymous quantitative analyst working at a European financial institution.<\/p>\n<p>PlanB recently determined that the stock-to-flow model is cointegrated with the Bitcoin price, implying that there is a rather high likelihood that BTC will rocket higher in the wake of the halving.<\/p>\n<p>The analyst also found that his model fit Bitcoin\u2019s price action to a 95% R2, a statistical metric used to represent the accuracy of a model (100% is perfect, 0% is absolutely inaccurate).<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/wncen.com\/2019\/10\/18\/full-rollout-fidelity-opens-up-bitcoin-business-to-billions\/\"> \u201cFull Rollout\u201d: Fidelity Opens Up Bitcoin Business to Billions<\/a><\/h6>\n<h2><strong>Increasing the Supply Cap?\u00a0<\/strong><\/h2>\n<p>While Bitcoin&#8217;s supply cap will likely be enforced by HODlers at all costs, there has been some talk of an eventual supply cap increase.<\/p>\n<p>As<a href=\"https:\/\/wncen.com\/2019\/02\/07\/satoshis-roundtable-crypto-cries-heresy-bitcoin-supply-cap-hike-mentioned\/\"> reported by NewsBTC previously<\/a>, at the Satoshi Roundtable earlier this year, discussion arose regarding the abolishment of the strict 21 million BTC supply limit.<\/p>\n<p>Attendee Matt Luongo, the founder of Fold and the product lead at Keep, <a href=\"https:\/\/twitter.com\/mhluongo\/status\/78734594\" rel=\"nofollow\">released a thread<\/a> on the subject matter after the event, explaining why more than 21 million BTC could make sense <em>eventually<\/em>.<\/p>\n<p>Luongo explained that while it would be unfair to assume what will happen with Bitcoin\u2019s transaction fee market in the long-term, a waning number of miners could pose a threat to the blockchain.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I was the guy that said we might have to one day raise the Bitcoin supply cap. Fight me. <a href=\"https:\/\/t.co\/ysqHHdcggf\" rel=\"nofollow\">https:\/\/t.co\/ysqHHdcggf<\/a><\/p>\n<p>&mdash; Matt Luongo \u271c (@mhluongo) <a href=\"https:\/\/twitter.com\/mhluongo\/status\/78734594?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 4, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"svecc-content-banner-added\">The crypto builder commented that as more halvings take place, miners\u2019 revenue will begin to dwindle. Luongo explained that such a series of events would be a \u201chuge change in the business model and core economics of the network.\u201d<\/p>\n<p>Considering the worst-case scenario, Luongo noted that when block rewards become scant, the Bitcoin economy could become \u201ctop heavy.\u201d He stated that as transactions on Bitcoin\u2019s main layer, not the\u00a0<a href=\"https:\/\/wncen.com\/2019\/02\/03\/bitcoin-lightning-network-thrive-amid-crypto-downturn\/\" data-wpel-link=\"internal\">Lightning Network<\/a> or other layers (Liquid), become few and far between, the chain will be susceptible to block reorganizations, as seen with Ethereum Classic and ZenCash.<\/p>\n<p>He thus concluded that a potential solution would be to curb the long-standing supply limit of BTC to \u201callow some emission for chain security, at the expense of all holders.\u201d<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/08\/07\/bitcoin-now-the-worlds-eleventh-largest-money-supply\/\">Bitcoin Now the World\u2019s Eleventh Largest Money Supply<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Mere hours ago (as of the time of publishing this), the 18 millionth Bitcoin (BTC) was mined. As revealed by Statoshi.Info, a recent block brought the 18th million coin into existence, leaving three million BTC remaining out of the hard-capped 21 million coin supply. While this milestone may seem irrelevant to those not involved in the cryptocurrency industry, the Bitcoin community has been celebrating this event, filling the Twitter feeds of cryptocurrency investors the world over. This Friday the 18th million Bitcoin will be mined There are only #3MillionLeft Our mission is to make it easy for everyone to be a part of this once in a species revolution &mdash; farbood \u2014 e\/acc (@farbood) October 16, 2019 This is for good reason: Bitcoin&#8217;s strict algorithmically-enforced scarcity, which many say is what gives the cryptocurrency such an advantage over fiat monies and other cryptocurrencies, is believed to imbue the asset with much of its value. Related Reading: Bitcoin Price \u201cDeath Cross\u201d 10 Days Out as BTC Stagnates at $8,000 Scarcity to Drive Bitcoin Price Sky High: Model Munich-based financial institution Bayerische Landesbank (BayernLB) has predicted that the block reward halving \u2014 a key event in Bitcoin&#8217;s scarcity narrative \u2014 will give Bitcoin to fuel to jet past its previous all-time highs. In an\u00a0extensive paper authored by senior analyst Manuel Andersch, it was explained that due to its characteristics and similarities to gold, Bitcoin\u2019s price might be able to be fairly predicted by a stock-to-flow (new yearly supply over above-ground supply of a commodity) model. The model says that once Bitcoin\u2019s block reward reduction is cut in half next year, the cryptocurrency will have a fair valuation of $90,000 per coin. BayernLB\u2019s model was derived from one made by PlanB, a pseudonymous quantitative analyst working at a European financial institution. PlanB recently determined that the stock-to-flow model is cointegrated with the Bitcoin price, implying that there is a rather high likelihood that BTC will rocket higher in the wake of the halving. The analyst also found that his model fit Bitcoin\u2019s price action to a 95% R2, a statistical metric used to represent the accuracy of a model (100% is perfect, 0% is absolutely inaccurate). Related Reading: \u201cFull Rollout\u201d: Fidelity Opens Up Bitcoin Business to Billions Increasing the Supply Cap?\u00a0 While Bitcoin&#8217;s supply cap will likely be enforced by HODlers at all costs, there has been some talk of an eventual supply cap increase. As reported by NewsBTC previously, at the Satoshi Roundtable earlier this year, discussion arose regarding the abolishment of the strict 21 million BTC supply limit. Attendee Matt Luongo, the founder of Fold and the product lead at Keep, released a thread on the subject matter after the event, explaining why more than 21 million BTC could make sense eventually. Luongo explained that while it would be unfair to assume what will happen with Bitcoin\u2019s transaction fee market in the long-term, a waning number of miners could pose a threat to the blockchain. I was the guy that said we might have to one day raise the Bitcoin supply cap. Fight me. https:\/\/t.co\/ysqHHdcggf &mdash; Matt Luongo \u271c (@mhluongo) February 4, 2019 The crypto builder commented that as more halvings take place, miners\u2019 revenue will begin to dwindle. Luongo explained that such a series of events would be a \u201chuge change in the business model and core economics of the network.\u201d Considering the worst-case scenario, Luongo noted that when block rewards become scant, the Bitcoin economy could become \u201ctop heavy.\u201d He stated that as transactions on Bitcoin\u2019s main layer, not the\u00a0Lightning Network or other layers (Liquid), become few and far between, the chain will be susceptible to block reorganizations, as seen with Ethereum Classic and ZenCash. He thus concluded that a potential solution would be to curb the long-standing supply limit of BTC to \u201callow some emission for chain security, at the expense of all holders.\u201d Related Reading: Bitcoin Now the World\u2019s Eleventh Largest Money Supply Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":400250,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8080,49380,8748],"class_list":["post-401793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-halving","tag-planb","tag-scarcity"],"acf":[],"yoast_head":"\n<title>Happy 18 Millionth Bitcoin! BTC Scarcity Implies Large Price Rally<\/title>\n<meta name=\"description\" content=\"Mere hours ago (as of the time of publishing this), the 18 millionth Bitcoin (BTC) was mined. As revealed by Statoshi.Info, a recent block brought the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/happy-18-millionth-bitcoin-btc-scarcity-implies-large-price-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Happy 18 Millionth Bitcoin! BTC Scarcity Implies Large Price Rally\" \/>\n<meta property=\"og:description\" content=\"Mere hours ago (as of the time of publishing this), the 18 millionth Bitcoin (BTC) was mined. 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