Bitcoin’s 17M block mined, price returns to $9000

The seventeen millionth block of Bitcoin has been mined, and this reminds the market about the limited nature of the supply of this most popular coin, as reported by several cryptocurrency-focused press publications.

It should be reminded here that Bitcoin has limited supply — 21M Bitcoins. This differentiates the phenomenon from many other digital currencies the developers of which prefer unlimited emission (Ethereum being the most capitalized example). Some experts even pointed out that this measure was actually making more harm to Bitcoin, while others insist that due to this limit, Bitcoin could be called digital gold.

The news on the 17M block can provide an opportunity for both types of analysts to say this once more and possibly drive the price up. It is not clear if the two events are connected, but the price of Bitcoin has returned from $8,800 to $9,240. As Bitnewstoday has already theoreticized, that little dip could have been a natural correction.

Part of financial conservatives reject to call Bitcoin a currency and prefer to view it as an asset instead. The combination of the legendary status, limited supply and the possible future development of other cryptocurrencies can make Bitcoin a prestigious relic in the upcoming decades.

Image courtesy of Leo Reynolds / Flickr