Bitcoin Approaches Its Final Million

Every ten minutes, the bitcoin network completes another block of transaction data. Another bitcoin miner seeks a reward.

The reward is cut in half every four years, thanks to the “halving protocol” which established the coin’s scarcity algorithm. Next month, total bitcoin supply will hit 20 million, leaving just 1 million left to be mined:

Over 95% of all bitcoin has been mined, with the final issuance occurring in 2040 (Source: Croseus_BTC via X)

It took 17 years to mine the first 95% of all bitcoin that will ever exist. The remaining 5%? Will take 114 more. The last bitcoin will be mined in 2140.

Each time the prototype for digital assets in a digital world has sold off, the peak-to-trough drop is somewhere in the 70% range.

The current price is 40% lower than its October high of $124,312 set on October 7, 2025. If the pattern holds, another $15,000 drop to $53,000 is possible.

Bitcoin maximalists are thrilled.

Every tick lower means a lower price for an asset, already getting coded into the network AI economy, with programmed scarcity as part of its DNA.

~ Addison

P.S. Last Friday, Andrew Packer, Mark Jeftovic, and I dug deep into the bitcoin and crypto selloff on Grey Swan Live! We unpacked a set of signals in crypto and Dollar 2.0 digital assets that rarely appear together — and almost never by accident.

Now is a good time to understand what the sell-off means for gold, silver, and the companies we still recommend in our Dollar 2.0 thesis. Check out the replay in the members section of the Grey Swan website.

This week, we’re following up with Frank Holmes of U.S. Global Investors. Frank is also pro-bitcoin, and put together some incredible bitcoin mining centers, some of which have been repurposed for the AI boom. We’ll catch up with Frank, his latest projects, and more, this Thursday at 2 p.m. Eastern time. Mark your calendar!

Every ten minutes, the bitcoin network completes another block of transaction data. Another bitcoin miner seeks a reward.

Over 95% of all bitcoin has been mined, with the final issuance occurring in 2040 (Source: Croseus_BTC via X)

It took 17 years to mine the first 95% of all bitcoin that will ever exist. The remaining 5%? Will take 114 more. The last bitcoin will be mined in 2140.

Every tick lower means a lower price for an asset, already getting coded into the network AI economy, with programmed scarcity as part of its DNA.

~ Addison

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