In this type of mining, miners collaborate with each other to conceal new blocks and release abandoned blocks that are not confirmed by the Bitcoin network. According to Chowdhry, since three companies (MicroStrategy MSTR, Tesla TSLA and Twitter) have bitcoins on their balance sheet, all other companies will have to do the same. Leech states that the next bitcoin halving, a key technical event when the amount of bitcoins awarded to miners is halved, will take place in 2024, and this will likely cause a huge price surge. The halving affects the speed at which new coins enter circulation, which can influence the value of existing Bitcoin holdings. The increasing scarcity of their numbers will also have driven up the price of bitcoin and the corresponding valuation of cryptocurrency markets.
Since bitcoin uses a bit-exchange trader system, its algorithm will round that figure to 20,999,999 and leave the cryptocurrency just below its target limit of 21 million. In other words, bondholders couldn't buy that much bitcoin, meaning the price would have to skyrocket to absorb purchase orders. At present there are only 18 to 19 million Bitcoins in circulation, and minting will stop at 21 million. For instance, there could be a protocol change in the cryptocurrency blockchain to allow for more than 21 million bitcoins. This is because Bitcoin's architecture, which relies on a distributed database to hold massive ledger copies, sacrifices speed for accuracy and integrity.
We only have about 10 years of data to inform cryptocurrency price predictions, and the value of Bitcoin, while increasing in the long term, is very volatile by the day. That said, it is difficult to predict that the effects of Bitcoin will almost reach the total supply promised by Satoshi Nakamoto. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. The Bitcoin mining process provides bitcoin rewards to miners, but the size of the reward decreases periodically to control the circulation of new tokens. Winklevoss added in August that the US dollar was no longer a reliable store of value and that there was no better time to buy bitcoin. So what does this mean for Bitcoin's future? It's hard to say for sure.
But if we look at past trends and current market conditions, it's possible that Bitcoin could reach $1 million in value within the next decade or so. As more people become aware of its potential as an investment asset and its limited supply continues to drive up demand, it's likely that its price will continue to rise over time.
