In 2024, Bitcoin reached significant milestones as it achieved new all-time high values and saw increasing global interest from governments contemplating Bitcoin reserves. However, as its popularity rises, the supply of unmined Bitcoin has dropped below 1.19 million. This scarcity comes amid growing global acceptance and potential widespread adoption of Bitcoin.
According to data, by December 26, only 1,198,640.60 BTC remain unmined while 94.29% of the total supply has been issued. This includes 220.32 BTC, which have been deemed invalid for transactions. Eight countries, including Venezuela, China, and Russia, have prohibited Bitcoin mining due to energy consumption concerns. Additionally, countries permitting mining face soaring energy tariffs, further driving up operational costs.
Bitcoin’s present circulating supply stands at 19.8 million BTC, with a hard cap of 21 million BTC. Its market capitalization has reached nearly $1.89 trillion, maintaining its position as the leader in crypto market cap. Despite a 3.4% dip in value in the past 24 hours, Bitcoin is trading at approximately $95,280, evidencing its enduring market strength.
Political developments in the United States revealed former President Donald Trump’s ambitions to transform the nation into the world’s crypto capital. This involves plans to create a national Bitcoin reserve and establish a crypto council. Influential figures such as Michael Saylor, CEO of MicroStrategy, are advocating for a Bitcoin reserve strategy, proposing potential gains for the U.S. Treasury ranging from $16 trillion to $81 trillion.
Across Europe, EU Parliament Member Sarah Knafo has pushed for Bitcoin to form part of national strategic reserves, reflecting a growing trend among lawmakers to consider digital currency as a hedge against economic fluctuations. A similar suggestion has emerged in Russia, where a state deputy proposed the creation of a Bitcoin reserve. Meanwhile, Brazilian legislators suggested a cap on the country’s Bitcoin reserves at $18.5 billion as part of their economic strategy.
In this dynamic landscape, the finite supply of Bitcoin continues to shape its economic significance and strategic value. As global interest intensifies, the race to secure Bitcoin reserves is likely to impact the cryptocurrency market profoundly in the coming years.
