An important event has happened in the history of bitcoin. Now the one-millionth part of the Bitcoin supply is worth $ 1 million.
Anyone who owns 21 bitcoins, or one millionth of the total supply, is a millionaire today.
Back in 2017, financial publications announced the emergence of a group of crypto enthusiasts “hunting” for exclusive membership in the “21 Million Club”. Also over the past years, there have been many forum posts about people who have finally ended up in the exclusive club of owners who own one bitcoin (BTC). The r / Bitcoin subreddit has a whole topic dedicated to those wishing to accumulate 1 bitcoin.
Each member of the 21 million club who owns one BTC now owns exactly 0.0000047619% of the total BTC supply.
Members of another club of crypto millionaires, who managed to collect 21 BTC or 0.0000999999% of the total limited supply of bitcoins, join the 21-BTC CLUB. Membership in the club is informal and symbolic. Club members are recommended the best crypto wallets, among which Trezor is in the first place, the best exchanges, they teach how to pay taxes correctly and share the best information resources on the topic.
Many people ask why Satoshi Nakamoto chose the 21 million Bitcoin emission limit? There are many versions.
For example, Ph.D. Christian Seberino explained in 2018 that Satoshi most likely chose 21 million in order to “use floating point arithmetic.” You can read more about this here.
However, according to e-mail correspondence between Mike Hearn and Nakamoto, the inventor of bitcoin has chosen a limit of 21 million to match the M1 money supply of fiat currencies such as the euro and the US dollar. Back in 2008, when Nakamoto published the White Paper, the M1 money supply was roughly $ 21 trillion. By simple calculations, we get the predicted Bitcoin price of $ 1 million by Satoshi Nakamoto.
“I wanted to choose something that would make prices similar to existing currencies, but not knowing the future, it is very difficult. I ended up choosing something in between”, Nakamoto said in an email to Hearn.
Summarizing all this information, we can assume that even owning 0.1 BTC will make any person a dollar millionaire during his lifetime. Not to mention the fact that having collected 21 bitcoins, a person will automatically enter the 1% of the richest people on the planet.