05-09-2017, 10:27 AM
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It's 42
Industry Role:
Join Date: Jun 2010
Location: Global
Posts: 18,083
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Good luck to the winners ...
Quote:
Last summer, bitcoin's annual rate of supply creation was halved. This was an automatic process, written into bitcoin's code when it was invented in 2008 to reduce the rate of supply every few years to prevent inflation.
"This means half as much bitcoin is being minted in 2017 as in the first half of 2016," Burniske told CNBC via email.
"When that decreasing rate of supply expansion is coupled with ongoing growth in bitcoin being used as a means of exchange and store of value, either velocity must go up or the price must go up to accommodate the market dynamics."
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Bitcoin soars above $1,700 as market cap adds $1 billion in just 24 hours |
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