Bitwise CEO Says Bitcoin Scarcity Will Feel More Dramatic

Bitwise CEO Hunter Horsley believes that Bitcoin scarcity is going to start to feel “dramatic” when the cryptocurrency becomes more mainstream

“There are estimated 58 million millionaires globally. There’s only enough Bitcoin for ~ 1 in 3 of them to have one,” he said

Is Bitcoin’s supply cap safe?

As reported by U.Today, investment giant BlackRock recently caused controversy with a disclaimer in its educational video stating that Bitcoin’s maximum supply could be expanded beyond the aforementioned 21 million cap

Such suggestions are akin to heresy within the Bitcoin community since the cryptocurrency mainly derives its value from its scarcity. The fact that the supply of Bitcoin is both transparent and predictable makes it an attractive alternative to other assets.

However, BlackRock’s Adam Back was quick to clarify that the disclaimer was just meaningless legal coverage

Each node operating on the network would be able to confirm that Bitcoin’s total supply remains unchanged.

Owning a full Bitcoin is rare

According to data provided by BitInfoCharts, only a minuscule portion of all Bitcoin addresses (1.82%) hold an entire coin. In addition, only 8.2% of all addresses in existence have more than 0.1 BTC

Only 0.25% of addresses hold more than 10 BTC, which would be roughly $1 million at current prices

According to CoinGecko data, the price of Bitcoin is approaching the $100,000 price mark once again.