Millionaires May Soon Struggle to Afford Whole Bitcoin
Changpeng Zhao, CEO of Binance and founder of the Bitcoin Foundation, recently warned that millionaires may soon be unable to afford a single whole Bitcoin due to its extremely limited supply. This warning is based on the fact that there are only 21 million Bitcoins in circulation, and more than 58 million millionaires worldwide.
The issue at hand is not just about owning a fraction of a Bitcoin, but rather the scarcity of whole coins. According to CZ, even if every single Bitcoin on the planet was distributed to millionaires, there would still not be enough for everyone to own a whole coin.
The limited supply of Bitcoin is due to its protocol design, which reduces issuance by half every 210,000 blocks through regular halving events. This means that the number of new Bitcoins issued annually will decrease significantly over time.