Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong deemed Bitcoin (CRYPTO: BTC) an “inflation-proof” global money on Tuesday, following the network’s milestone of mining its 20 millionth coin.
Over A Century To Go
Armstrong took note of the feat, pointing out that only 1 million BTC remain to be mined, which would take over 100 years.
“Decentralized, inflation-proof, global money,” Coinbase’s top executive heaped praise on the $1 trillion-plus asset.
Armstrong, one of Bitcoin’s most vocal advocates, predicted it would hit $1 million by 2030.
Bitcoin’s Tokenomics To Work In Its Favor?
Armstrong’s remarks come after the 20 millionth bitcoin entered into circulation via block 940,073, as highlighted by Jameson Lopp, Chief Security Officer at self-custody platform firm Casa
The fixed limit was embedded in Bitcoin’s design by its pseudonymous creator, Satoshi Nakamoto, in the 2009 genesis block. The supply increases at a decreasing rate until it reaches the 21 million token limit, which is expected to happen in the year 2140.
Bitcoin’s issuance schedule is governed by the halving mechanism, which reduces the block reward roughly every four years.
Price Action: At the time of writing, BTC was exchanging hands at $69,827.47, down 0.24% in the last 24 hours, according to data from Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image via Shutterstock By Thrive Studios ID
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