u.today
MicroStrategy cofounder and chairman Michael Saylor has issued a crucial reminder on the status of Bitcoin (BTC) as a scarce commodity. Taking to his official X/Twitter account, he noted that Bitcoin’s issuance will never be more than 276^3.
There will never be more than 276^3 #bitcoin.
— Michael Saylor⚡️ (@saylor) April 2, 2024
Technically incorrect, mathematically correct
By normal mathematical computation, the 276^3 estimation gives a figure of 21,024,576. While this is mathematically correct, what Saylor implied regarding the total supply of Bitcoin is technically incorrect.
Per Satoshi Nakamoto’s original Bitcoin design, only 21 million BTC units can ever be issued. At the moment, Bitcoin has a circulating supply of 19,671,900 BTC, leaving only about 1,328,100 BTC units left for mining.
The reminder shared by Michael Saylor can also be tagged a call to action to buy the coin, as he and other major proponents like "Rich Dad Poor Dad" Robert Kiyosaki have always done. With the coming of the next Bitcoin halving event, the rate of emission of the digital currency will be slashed by half, making any potential accumulation move more pricey.
The remaining 1.3 million Bitcoin units will not be released until 2,140; however, there will be no extension in this number.
Perfect example
Michael Saylor is deemed a perfect example to those who might be considering accumulating Bitcoin to store, as his firm, MicroStrategy, has remained a consistent BTC buyer since 2020.
Thus far, MicroStrategy has accumulated more than 214,000 Bitcoin units, with the business intelligence and software firm going as far as issuing Convertible Senior Notes with different maturity dates to inject into the digital currency.
Thus far, MicroStrategy has taken the position of a Bitcoin evangelist, a role that complements those of market leaders like Samson Mow. While there is no way to measure the impact of the posts on X, the stance of Michael Saylor of sustaining his Bitcoin bets has helped many HODLers stick to their convictions.