Bitcoin with 2.5 Million Left to Mine as Demand Increases
Only 21 million Bitcoin (BTC) is left to be issued, and less than 2.5 million BTC remains for mining.
ChartBTC tweeted that the Bitcoin network has already surpassed the 18.5 million BTC mark in circulation. With that, there is a little under 2.5 million Bitcoin left or approximately 11.9% of the overall BTC to be generated.
In addition to that, ChartBTC mentioned that miners could mine half of the remaining 2.5 million Bitcoin in the next four years. After the genesis block way back in 2009, the BTC network has already gone through three halvings – with the third halving took place in May 2020. As they halved new coins’ issuance every four years, they don’t expect to mine the last Bitcoin until 2140. Then, there would be no new BTC to mine after that year.
In a report, a group of eight Crypto Valley experts believed the last halving was different from the ones that occurred in the past. And this is because more people are thinking of storing their life savings in Bitcoin.
In early 2020, institutional demand for BTC continued to rise. New survey data displayed that institutional investors plan to increase their Bitcoin allocation regardless of short-term dips in price. With its investment in Microstrategy, the world’s largest sovereign wealth fund is now holding 577.6 Bitcoin.
DeFi Hype
Elsewhere, the hype surrounding DeFi is not going anywhere as it’s just the beginning of it, according to Da Hongfei, the Neo founder, during a live stream on China’s Hub on September 25.
Da stated that DeFi made a process within a few years that traditional finance took hundreds of years to perfect. As of now, Defi projects are experimenting with a variety of financial products and services.
The Neo founder said, “Lending and borrowing, decentralized exchanges, insurance, and all kinds of derivatives are on the rise in DeFi.”
He added that the initial stage of the DeFi infrastructure has a good solid start. And now, it is about time to see them build and innovate more applications on DeFi.
Based on Da, DeFi delivered a lot of new possibilities in the financial arena. And these include developing a new type of asset that lets users access to cash any time.
Aside from that, DeFi would have a significant effect on future economic life. Da expects that people will not need banks in the future as they turn towards DeFi services. And it seems like this scenario is already happening.
With China as an example, he noted, “Chinese people have done this more or less, probably dealing with banks, dealing with Alipay and WeChat, at least doing this kind of financial behavior without going to the bank.”
Live Stream
Da, and He Yi, Binance co-founder, announced in the live stream that Neo and Binance are actively checking into the DeFi application. One such application is Flamingo – an interoperable, full-stack DeFi protocol built on the Neo blockchain. This enables users to join as traders, stakers, and liquidity providers.
Also, Binance revealed that it listed Flamingo on its launch pool on September 23. Both are also aiming to build DeFi infrastructure further.
