On Sunday, March 7, 2021, the price per bitcoin jumped over the $50k handle once again, as the digital asset’s overall market capitalization is around $925 billion. One thing is for certain, there will never be more than 21 million bitcoin and today there’s roughly 18,647,525 bitcoin in circulation. Interestingly, anyone who owns 21 bitcoin or one-millionth of the entire supply is currently a millionaire today.
The ’21 Million Bitcoin Club’
Back in 2017, finance publications reported on a number of crypto proponents “gunning” for exclusive membership into the ’21 million club.’ The 21 million club refers to the number of bitcoins that will ever be produced and by the year 2140, that number will be 21 million BTC. During the last few years, many enthusiasts have tried to join the 21 million club by obtaining a single bitcoin, which is exchanging hands for a touch over $50k on Sunday morning.
For years now people can find a myriad of forum posts about people who have finally made it into the exclusive club of owners who hold a single bitcoin (BTC).
“After almost [two] years in crypto, I finally got in,” an individual wrote on Reddit two years ago. “It might be small for most of you here, but for a person in a third world country, this is a huge accomplishment. Now, to focus on my [altcoins], then sell them for BTC at the most opportune moment. Wish me luck,” he added.
Members of the 21 million club who own a single BTC, also own precisely 0.0000047619% of the entire supply per owner. Then there’s another club of bitcoiners who have obtained approximately 21 BTC or 0.0000999999% of the entire capped bitcoin supply.
Today one-millionth of the bitcoin supply is now worth over 1 million U.S. dollars. One-millionth of the bitcoin supply is approximately 21 bitcoin. This week, is another instance of this occasion, as BTC prices dropped in value a few days ago after reaching an all-time high (ATH) at $58,354 on February 21.
Ten days prior to the bitcoin (BTC) price ATH, crypto writer Pete Rizzo tweeted “One-millionth of the bitcoin supply is now worth $1 million.” At the time of publication, 132,325 addresses hold anywhere between 10-100 BTC, and owners of one-millionth of the bitcoin supply are represented among this aggregate of addresses.
Besides the enthusiasts that want to simply join the 21 million club by owning a single coin, there are many who have been obsessed with joining the club of owners who own a millionth of the BTC supply.
“The 21 BTC club becomes more difficult to join,” explains a web portal dubbed “21-btc.club.”
Why Did Satoshi Choose the 21 Million Supply Cap?
The reasoning behind why Satoshi Nakamoto chose the 21 million supply limit may have been done purposely for a number of reasons. According to an email between Mike Hearn and Nakamoto, however, the Bitcoin network inventor chose the 21 million limit number so it would align with the M1 money supply of fiat currencies like the euro and U.S. dollar. Back in 2008, the M1 money supply was approximately 21 trillion when Nakamoto published the white paper.
“I wanted to pick something that would make prices similar to existing currencies, but without knowing the future, that’s very hard. I ended up picking something in the middle,” Nakamoto said in the email to Hearn.
Satoshi Nakamoto added:
If Bitcoin remains a small niche, it’ll be worth less per unit than existing currencies. If you imagine it being used for some fraction of world commerce, then there’s only going to be 21 million coins for the whole world, so it would be worth much more per unit.
The white paper’s math also shows that the 21 million number further aligns perfectly with some of the interesting design patterns within the software. For instance, the 21…
Read More:Satoshi’s 21 Million Mystery: One-Millionth of the Bitcoin Supply Cap Is Now
