Bitcoin (BTC) is a representative cryptocurrency created by Satoshi Nakamoto in 2009. One of the biggest features of Bitcoin is that its issuance limit is set at 21 million BTC. The issuance limit gives it a currency aspect while also having properties similar to gold. This creates a scarcity of Bitcoin.
This article will explain in detail how Bitcoin's issuance limit works, its relationship with scarcity, and its future impact.
The issuance limit of Bitcoin is 21 million BTC. As of March 2025, approximately 19 million BTC have already been issued, leaving approximately 2 million BTC remaining. These remaining Bitcoins will be gradually issued through mining.
New Bitcoins are issued through a process called mining. Mining is the process of verifying transactions, consolidating the transaction history into a single piece of data (block), and storing it on the blockchain.
This process is carried out using a consensus algorithm called Proof of Work (PoW). Miners use large amounts of electricity to calculate complex mathematical problems and generate new blocks, and receive newly issued Bitcoins as a reward.
The number of new Bitcoins issued changes depending on the "halving" that occurs approximately every four years. A halving is an event in which mining rewards are halved. The first halving occurred in 2012, when the block reward was reduced from 50 BTC to 25 BTC. It then decreased from 25 BTC to 12.5 BTC in 2016, and from 12.5 BTC to 6.25 BTC in 2020.
Most recently, the 2024 halving reduced the reward from 6.25 BTC to 3.125 BTC. The next halving is scheduled for around 2028, when the reward is expected to decrease from 3.125 BTC to 1.5625 BTC.
In this way, the halving reduces the speed of new issuance, and it is predicted that the last Bitcoin will eventually be issued around 2140.
Bitcoin is considered to have a scarcity value similar to that of gold, because there is a limit on its issuance. Gold is a limited resource that exists in nature, and its value is maintained because its supply is restricted.
Similarly, Bitcoin has a limit on its issuance, so it is highly scarce and is attracting attention as an inflation-resistant asset. In particular, in situations where economic uncertainty and inflation are a concern, Bitcoin is expected to play the role of "digital gold."
One of the factors that further increases the scarcity of Bitcoin is the existence of Bitcoins that have practically disappeared due to various factors. The various factors include losing private keys and accidentally abandoning old wallets, and the number of Bitcoins in circulation is said to be much smaller than the approximately 19 million BTC currently issued. This further increases the scarcity of Bitcoin, which is a factor that increases its value.
The supply and demand balance of Bitcoin has a significant impact on the price. Even if demand increases, new issuance is limited, so it is likely that the price will rise in the long term.
Looking back at price trends after each past halving, there has been a tendency for the price of Bitcoin to rise after the halving.
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Current price: $75,768.10
As of September 16, 2026（CoinMarketCap "Bitcoin (BTC) Price, Chart, Market Cap"）
Since Bitcoin has a limit on issuance, mining rewards decrease with each halving. This may reduce miners' profitability. As block rewards decrease, miners may become more dependent on mining fees.
In addition, since transaction fees fluctuate depending on network usage and transaction congestion, miners' profits may become unstable.
After 2140, when all Bitcoins are issued, mining rewards will disappear completely. After that, the network will be maintained only by transaction fees. Therefore, how Bitcoin's security will be maintained during this period will be an important issue.
If the transaction fees are high enough, miners will continue to have an incentive to maintain the network, but if the fees are low, miners may leave the network.
Currently, discussions are underway in the United States regarding the use of Bitcoin as a reserve fund. After President Donald Trump was re-elected, there has been a growing movement to consider Bitcoin as "digital gold" in light of its scarcity. Due to these characteristics, the federal and state governments are attracting attention as a means of achieving financial stability and risk hedging by holding Bitcoin.
On the other hand, since President Trump has indicated that he will not sell Bitcoin at this time, it is possible that Bitcoin held by the United States will not be circulated on the market for the time being. If this happens, the scarcity and value of Bitcoin may increase further, taking into account the fact that the US government has adopted it and the supply and demand balance.
In this article, we have explained the relationship between Bitcoin's scarcity and issuance limit. Finally, let me summarize the main points.
It will be important to continue to pay attention to the supply and demand balance of Bitcoin and trends in the mining industry. By understanding the relationship between Bitcoin's issuance limit and scarcity, you will be able to make better decisions in investment and asset management.
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