Bitcoin has been through many rises and falls during its short lifetime so far, and the scarcity of its tokens has caused it to generate an impressive price right now. However, tech genius John McAfee is wondering how far it will sore by the time that the last Bitcoin is mined and sold.
There are less than 4 million Bitcoins left to mine. What do you think the value of the last Bitcoin will be? Thousands of miners spending, in some cases, millions of dollars each to find it. Can the value be less than the effort? The value would have to be hundreds of millions.
— John McAfee (@officialmcafee) August 6, 2018
These reflections stimulated multiple conversations on Reddit. One user theorized that the last Bitcoin may never be mined, because there would be almost no value in it. Some others share the same sentiment as McAfee, even though the idea of mining the last one is so far in the future. There are some experts that believe that the crypto world is over a century away from this event actually happening, though there are many factors.
Based on the current trajectory, experts in the crypto field predict that Bitcoin is only 12 years away from reaching $20.5 million. With only 21 million Bitcoin ever in existence, it could take about 110 years alone for a half-million coins.
One Redditor even said,
“Considering how many BTC will be lost at that point and how distributed the economy should be, 500k more coins to mine will be a lot of coins.”
Every miner that mines Bitcoins have to solve multiple puzzles. The solution is the key to validating each transaction that takes place on the block, which adds it to the blockchain. The blockchain stores every bit of information on each transaction. Every four years, the reward goes down by 50%. Since the original reward was 50 bitcoins, the reward should only be 6.25 coins by 2020.