By Chris Kline, COO & Co-founder of Bitcoin IRA
Bitcoin turned 12 years old in 2021, and celebrated this year with all-time highs, an ETF, institutional arrival, and even the new Crypto.com Arena—the name takeover of an iconic Los Angeles stadium. Other than the obvious glitz and glamour, something critical is driving its expansion into the fabric of our daily lives. Bitcoin could be the economic evolution that we’ve been waiting for to address the controversy of inflation, and even world poverty, which could potentially lead to a better way of life for us all.
Bitcoin was designed to be inflation resistant. It’s limited in supply, not because a government or entity decides to limit it, but because it has a diminishing rate of return for its producers, consensus-driven miners. As each bitcoin is created, the process to create the next becomes exponentially more challenging— due in part by a mechanism called “halving”, which cuts the reward for mining in half as we get closer and closer to final production. Because of this design, as of today, 18 million bitcoins have been created and only 21 million will ever exist.
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