u.today
The cryptocurrency market may be in turmoil, but today offers a reason to pause and reflect. It has been exactly 16 years since Satoshi Nakamoto, Bitcoin’s enigmatic creator, unveiled what is arguably its most defining feature: the 21 million BTC supply cap.
This moment in 2009 introduced the world to a system that would forever change perceptions of money. Nakamoto detailed a methodical and finite issuance process, ensuring that Bitcoin’s total supply would never exceed 21 million.
The coins will be distributed to network participants as rewards for validating transactions, with the issuance halving every four years. This carefully planned progression — 10.5 million coins in the first four years, halving to 5.25 million in the next and so on — was designed to taper off until the final Bitcoin is mined sometime around 2140.
✨ Satoshi Nakamoto announcing the 21 million #Bitcoin supply cap, exactly 16 years ago
— The Bitcoin Historian (@pete_rizzo_) January 8, 2025
Finite supply. Infinite demand 🚀 pic.twitter.com/t1byObCnWd
Back then, Bitcoin had no price. It existed only as an idea, a digital experiment discussed among a small group of enthusiasts.
Fast forward to today, and the concept has evolved into a global asset valued at nearly $2 trillion. Among Bitcoin’s most compelling traits is this very supply cap — unchanging and immutable — making it an outlier in a world of unlimited fiat currency printing.
Yet, the theoretical supply and the actual circulating amount diverge. Satoshi Nakamoto, who disappeared years ago, is believed to have mined around one million Bitcoin in the early days. These coins have never been moved and are considered lost to time.
Similarly, countless other early coins remain inaccessible in forgotten wallets or due to lost keys. While the ledger records approximately 19.8 million BTC in circulation today, the functional supply is almost certainly lower.