On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
In 10 years Bitcoin’s finite supply will be nearly exhausted, meaning holders might only need 0.01 BTC to become filthy rich.
In 10 years Bitcoin’s finite supply will be nearly exhausted, meaning holders might only need 0.01 BTC to become filthy rich.
Saving 0.01 Bitcoin (BTC) might cost only $500 today but according to the current global wealth distribution and the digital asset's limited supply, 0.01 BTC just might be enough to make one a millionaire in the future.
According to Credit Suisse's "Global Wealth Report 2020", there are 51.9 million individuals with a net worth surpassing $1 million. The index considers a person's net worth, along with their financial and real estate assets, while al deducting their debts and liabilities.
According to the report, the U.S. leads by a reasonably wide margin of 20.2 million, or 39% of the world's total. China came in second place with 11% of the global total and Japan and the United Kingdom, France and Germany each comprised 5%.
What is interesting is that despite representing just 1% of the global population (excluding children), these millionaires own 43% of the world's wealth.
The total household wealth of these wealthy individuals equals $400 trillion, with 53% represented by financial assets instead of real estate investments. This number varies between countries w 64% in the U.S., 44% in China and Germany, and 22% in India.
According to Credit Suisse's individual wealth breakdown, 175,700 people were worth more than $50 million. Of these, 55,800 were worth at least $100 million, and 4,410 had wealth over $500 million.
Bitcoin's finite supply will reach 98% in 10 years
As of March 1, Bitcoin's total supply consists of 18.64 million BTC, leaving some 2.37 million to be mined. Ten years from now, the supply will reach 20.6 million, or 98% of the 21 million coins from the total supply.
Excluding the 1.9 million coins that haven't been touched for over a decade, there is a maximum limit of 19.2 million BTC available for the world's 51.9 million millionaires.
This leaves 0.37 BTC per millionaire, including the yet-to-be-mined coins. A more conservative assumption based on the currently available supply and deducting coins unmoved for five or more years results in 14.57 million BTC. This leaves a mere 0.28 BTC per millionaire, which is conservative as the number of wealthy people is likely to increase over the next 5 to 10 years.
In the future, the wealthy will fight for 0.01 BTC
In addition to the certified millionaires, there are 590 million individuals whose net worth exceeds $100,000. These people shouldn't be disregarded as potential holders, even though their purchasing power is less.
Assuming the 43.4% global wealth proportion shown in the chart above stays the same, the global millionaires represent 6.32 million coins out of the conservative 14.57 million supply left. This ratio means there is 0.12 BTC per individual.
The remaining 590 million individuals currently worth $100,000 or higher could effectively hold another 5.9 million coins, resulting in a mere 0.01 BTC per adult.
To conclude, buying 0.01 BTC today, roughly a $500 investment at the current price, can assure one a top 13% holder position. This is equivalent to being a millionaire today, at least in terms of the percentage ownership of the total Bitcoin supply.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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