As a fellow cybersecurity and privacy enthusiast, you may have questions about the notoriously mysterious cryptocurrency called bitcoin. Specifically – how many bitcoins are there actually in existence?
This is an excellent question, since bitcoin‘s limited and verifiable supply is the cornerstone of its global appeal and value.
In this comprehensive guide for tech aficionados, I‘ll provide an in-depth look at the intriguing world of bitcoin supply-side dynamics. You‘ll discover:
- Bitcoin‘s current circulating supply and historical emission rates
- How periodic "halvings" control bitcoin‘s supply schedule
- Projections for when bitcoin will reach full supply cap
- How bitcoin stockpiles compare with altcoins and fiat money
- Which companies hold significant bitcoin reserves
Let‘s dig in and demystify the bitcoin supply!
Current Bitcoin Circulation
As of February 2023, there are 19,136,418 BTC circulating globally across the bitcoin network. This equates to over 19.1 million bitcoin unlocked since Satoshi Nakamoto launched the protocol in January 2009.
To put this in perspective, the current supply represents roughly 90.3% of bitcoin‘s maximum supply cap of 21 million BTC. Given over 19 million coins already unlocked, approximately 1.9 million tokens remain for future mining until full saturation occurs.
Here is a quick bitcoin supply recap:
Total Max Supply: 21 million BTC
Current Circulation: 19.1 million BTC
Remaining Supply: ~1.9 million BTC
Now let‘s examine how bitcoin‘s current circulation compares historically…
History of Bitcoin‘s Circulating Supply
One of bitcoin‘s most fascinating qualities is its predictable issuance schedule, which fuels a transparent monetary policy unlike anything seen before in currency.
Upon its launch, bitcoin came into existence through a novel token emission process called "mining." By lending computing power to help validate transactions across bitcoin‘s decentralized blockchain, global miners compete to unlock freshly minted "coinbase rewards" every 10 minutes. This operational process both secures bitcoin‘s network and releases new supply into circulation.
The table below shows bitcoin‘s circulating supply growth curve since genesis:
| Year | Circulation |
|---|---|
| 2009 | 1.3 million BTC |
| 2010 | 1.9 million BTC |
| 2011 | 5.3 million BTC |
| 2012 | 8.2 million BTC |
| 2013 | 10.7 million BTC |
| 2014 | 12.3 million BTC |
| 2015 | 13.8 million BTC |
| 2016 | 15.2 million BTC |
| 2017 | 16.4 million BTC |
| 2018 | 16.8 million BTC |
| 2019 | 17.5 million BTC |
| 2020 | 18.2 million BTC |
| 2021 | 18.6 million BTC |
| 2022 | 19.1 million BTC |
As displayed, new bitcoin unlocked for circulation has tapered off over time, especially after each dynamic "halving event"…
Bitcoin Halvings Control Supply Growth
Unlike fiat currencies which feature adjustable inflation rates dictated by central banks, bitcoin was coded with transparent built-in scarcity. This helps it maintain purchasing power and censorless transaction ability into the future.
The elegant bitcoin programming controls supply growth via periodic halvings, which slash block rewards (and thus release of new bitcoin) by 50% roughly every four years. Halvings occur once 210,000 blocks have been mined.
There have been three halvings so far:
- 1st Halving – Nov 2012: Mining reward cut from 50 to 25 BTC
- 2nd Halving – July 2016: Reward reduced from 25 to 12.5 BTC
- 3rd Halving – May 2020: Reward lowered from 12.5 to 6.25 BTC
This dynamic halving cycle will continue until bitcoin‘s supply hits 21 million and no more coins are left to unlock. As seen below, more than 90% of all bitcoin has already been issued since 2009. Halvings will only accelerate scarcity as we approach the cap!
Bitcoin Issuance Over Time – by BashCo
The next halving is expected by March 2024, when the reward will decrease from 6.25 to 3.125 BTC per block.
Bitcoin Expected to Hit Final Cap in 2040
At bitcoin‘s current ~6.25 BTC block reward and 10 minute average block times, projections indicate we will mine the final coin in the year 2140.
However more optimistic models forecast the 21 million hard cap being reached by 2040 once 99% of total supply has been mined and circulating:
- 2032 – 90% mined (18.9 million BTC)
- 2036 – 95% mined (19.95 million BTC)
- 2040 – 99% mined (20.79 million BTC)
This signals that only last few "satoshis" would take up to a century to generate unless computing advances alter bitcoin‘s programmed emission rate.
Of course as we approach the cap during the next two decades, basic economics point to accelerated appreciation of bitcoin‘s value as increasing users chase ever more scarce supply.
Bitcoin Circulation vs Altcoins
To comprehend bitcoin‘s responsible inflation schedule, it is useful to contrast its supply with that of alternative cryptocurrencies (altcoins) that have flooded the crypto ecosystem.
Below I compare bitcoin‘s current 19.1 million circulation against 10 major altcoins:
| Asset | Circulation |
|---|---|
| Bitcoin | 19.1 million |
| Ethereum | 121 million |
| Tether (USDT) | 66 billion |
| USD Coin (USDC) | 55 billion |
| Binance Coin (BNB) | 163 million |
| Binance USD (BUSD) | 17 billion |
| Cardano (ADA) | 33 billion |
| XRP | 48 billion |
| Solana (SOL) | 560 million |
| Dogecoin (DOGE) | 132 billion |
Unlike provably scarce coins like bitcoin, many alt projects feature flexible emission rates and unlimited token supplies, diluting value over time. For example, fiat-pegged stablecoins continue issuing new units as adoption grows.
And experimental "meme coins" like dogecoin hold no supply cap whatsoever. Its creators instead encourage unlimited mining to keep the network active – leading over 130 billion dogecoins already circulating today!
Among older gen crypto bluechips like Ethereum and Binance Coin, bitcoin stands truly unique with its verifiable 21 million coin hard limit. This constitutional scarcity preserves value and embodies Bitcoin‘s digital gold properties.
Now let‘s explore how much bitcoin is concentrated across institutional investors and corporations…
Major Institutional Bitcoin Holdings
Given increasing inflation and economic uncertainty, a plethora of companies, funds, and traditional finance players are allocating to bitcoin as a speculative investment or store of value hedge.
Here are estimated bitcoin holdings of leading institutional investors and corporations, as of February 2023:
- MicroStrategy – 129,000 BTC ($2.8 billion)
- Tesla – 43,000 BTC ($1 billion)
- Galaxy Digital Holdings – 16,400 BTC
- Square Inc/Block – 8,027 BTC
- CME Group – 2,650 BTC
- Marathon Digital Holdings – 8,945 BTC
- Hut 8 Mining Corp – 6,460 BTC
- Coinbase – 4,482 BTC
- BlackRock – undisclosed (reported purchases)
- Goldman Sachs – undisclosed (explored trading desk)
- Morgan Stanley – undisclosed (offered BTC access funds)
This list indicates that well over 220,000 BTC – over $5 billion in dollar value – is controlled by institutional players. And reports suggest this figure is growing under the radar…
If this Wall Street adoption trend continues over the coming decade, increased scarcity and supply squeeze could send bitcoin‘s fiat price valuation exponentially higher.
Conclusion – Fixed Supply Drives Value
At its core, bitcoin was architected as scarce digital money that cannot be debased over time. Key to this design is its set-in-stone total supply and transparent emission schedule.
Having explored bitcoin‘s circulating stock and projected growth curve, we found that over 19 million coins have already been minted since 2009. Thanks to underlying "halvings" which curb inflation in half every four years, new supply continues decreasing as demand accelerates in a global bull run.
Many anticipate only 1-2 million fresh bitcoin left for future unlocking before the ultimate 21 million cap gets breached around 2040.
As increasing users chase this ever more scarce, fixed supply of verifiably finite bitcoin in the coming years, economic principles point to massive fiat price appreciation. This emerging supply-demand dynamic seems primed to propel bitcoin‘s valuation to astonishing new heights.
So while bitcoin remains a relatively new technological phenomenon, I hope this guide brought clarity around the cryptocurrency‘s predetermined supply trajectory! Let me know your thoughts in the comments below.