Crypto News: September 23, 2019 - October 22, 2019

1. The 18th millionth bitcoin has officially been mined

On Friday 18 October 2019 the 18th millionth bitcoin was mined. This leaves only 3 million bitcoin remaining to be mined out of a total maximum supply of 21 million supply.

This event is a good reminder of just how scarce bitcoin is as a digital asset, compared to other traditional financial assets.

The remaining supply of 3 million bitcoin is projected to be mined over a long period of time, extending up to the year 2140.

In this regard it is also interesting to point out that the next bitcoin halving is less than 1 year away, currently estimated to take place on 14 May 2020, as shown here. As of the next bitcoin halving, the block reward will decrease to 6.25 bitcoin per block, giving bitcoin from that point onwards a higher stock-to-flow ratio than gold.

The above mentioned scarcity factors, combined with a global financial system that is increasingly looking unstable, provides in our estimation an extremely bullish outlook on bitcoin's potential future value in the near term.

2. Fidelity rolls out a digital assets custody & trading solution

Fidelity Investments, the Boston based financial services corporation with $ 2.8 trillion of assets under management, has announced that it's rolling out a digital assets custody & trading solution for hedge funds, family offices and financial advisers.

Abigail Johnson, CEO of Fidelity Investments, stated in this regard that: There are people out there with significant amounts of wealth in cryptocurrencies, probably Bitcoin, and they’re looking for somebody to hold those coins for them because in the event of their passing — which is going to happen at some point or another — you’ve got to have a plan to be able to get those coins to somebody else.

This represents another small step towards the financialization and mass adoption of bitcoin, helping to unlock bitcoin's potential value as a global digital store of value.

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