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Bitcoin supply won’t be able to keep up with demand in eight years fueling price hike

Rising demand from retail investors is projected to outpace Bitcoin daily supply from cryptocurrency mining in eight years.

Image by Виктория Бородинова from Pixabay

Thu, 02 Jul 2020, 04:42 am UTC

Demand for Bitcoin, the world’s largest cryptocurrency in terms of market capitalization, by retail buyers is on the rise. If the trend continues, the number of tokens mined per day might not be able to keep up with retail buying pressure a few years down the road.

Retail cryptocurrency investors’ appetite for Bitcoin has been on the rise in 2020. If the trends continue, a new recent concludes that daily demand is going to outpace daily supply from mining by 2028, according to Decrypt. This supply shock could potentially push the token’s price higher.

But aside from the rising demand from retail investors, there is another factor that will play a very big role in the predicted trend. It is the halving event in Bitcoin where the reward for mining is reduced in half.

The research was done by cryptocurrency derivatives exchange ZUBR based on data from blockchain analytics Chainalysis. At the moment, daily supply is currently at 900 BTC per day but it would drop to just 450 BTC per day after the 2024 halving. At this point, retail investors’ demand would eat up over 50 percent of this daily supply if the current trend continues.

One can only imagine what might happen another four years later after the next halving event which is set to happen in 2028. By then, daily supply from mining would further be reduced to 225 BTC while demand is expected to climb even higher.

“While assessing the real value price of Bitcoin has been a difficult task with some looking at mining or network usage, what is proving to be factual is that retail holders continue to add more Bitcoin,” ZUBR said in its report.

ZUBR’s report revealed that the number of addresses holding between 1 and 10 BTC his risen this year by 11 percent. As of June, the total value of the BTC holdings of these addresses is around $5 billion.

“Extrapolating future demand at this pace points to a very dramatic shift in 2028 when Bitcoin’s supply rate further decreases and these retail size addresses begin to eat up all the new supply alone,” ZUBR added.

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