On March 9, 2026, at block height 939,999, the Bitcoin network minted its 20 millionth coin.

95.24% of all Bitcoin that will ever exist is now in circulation and it took less than 17 years to produce those 20 million coins. The remaining one million will trickle out over the next 114 years, with the final satoshi expected around the year 2140.

At today’s mining rate of roughly 450 BTC per day but come April 2028, it drops to 225 BTC daily and by the 2060s, under 2 Bitcoin will be mined every day.

Plus let’s not forget all the Bitcoin lost in the early days.

Chainalysis and River Financial estimate that between 2.3 and 3.7 million BTC are permanently inaccessible with lost keys, forgotten passwords, dead holders, coins sent to unspendable addresses. Which means the real supply that will ever available to the market is probably closer to 16 or 17 million and shrinking as institutions lock theirs away in cold storage.

So basically we might not even reach 20 million Bitcoin that is circulating.

Kraken’s Chief Economist Thomas Perfumo called it the start of the “Era of Scarcity.”

Elektron Energy CEO Raphael Zagury put it plainly: “Long term, scarcity plus predictable policy is a powerful combination. Over time, markets tend to reward systems people can trust.”

And while the narrative around Bitcoin has always been “it’s digital gold.” That thought line may become more prevalent over time considering that gold’s supply is finite in theory but unpredictable in practice because of new mines or better extraction method.

Heck, even in the movie Don’t Look Up with a world ending asteroid coming down at them the characters are trying to figure out how to mine it instead of stopping it… do you really think that SpaceX or some other outfit won’t try and get to those resources first?

Bitcoin is the first monetary asset where the remaining supply is known to the exact unit visible to anyone who wants to see it and where the scarcity is the point and no one wants to change it.

On March 9, Coinbase CEO Brian Armstrong posted something that anybody in Bitcoin should be paying close attention to…

“Very soon there are going to be more AI agents than humans making transactions. They can’t open a bank account, but they can own a crypto wallet. ”

Binance founder CZ went further: “AI agents will make 1 million times more payments than humans, and they will use crypto.”

And this isn’t some pie in the sky idea that is far off into the future. In fact the infrastructure is already being built.

In February 2026, Coinbase launched what it calls “Agentic Wallets” — the first wallets designed not for people, but for autonomous software to hold and deploy funds.

If you want to dig in deeper they run on the x402 protocol which was inspired by the original HTTP 402 “Payment Required” Code all the way back in 1996.

So far the x402 protocol has already processed over 115 million micropayments between machines.

That’s machine-to-machine commerce, running right now.

Although right now a lot of those transactions are being ran through the stablecoin USDC, there’s a lot of room for growth and it’s speculated that many of these agents can and will be using Bitcoin.

The Bitcoin Policy Institute tested this assumption directly.

They ran 36 major AI models through more than 9,000 simulated monetary decisions, asking each system to choose between financial instruments — Bitcoin, stablecoins, fiat — across scenarios like saving, payments, and value storage.

The models picked a winner.

It was Bitcoin because of its fixed supply, lack of issuer risk, and self-custody capability.

The machines, when reasoning from first principles chose Bitcoin.

But we’re still early and there’s a heck of a lot of building to do but it is happening.

Visa is developing an “Intelligent Commerce” product and OpenAI and Stripe announced their own Agentic Commerce Protocol and Google has AP2.

The race for the payment rail of the machine economy is wide open and will develop fast.

But Bitcoin and Lightning have a structural advantage that no bank-dependent system can replicate: they don’t need anyone’s permission to run. An AI agent can spin up a Lightning node today with no ID, no approval, no intermediary.

There very well could be a future where not millions, not billions but trillions of these agents could transact with each other on the Bitcoin blockchain with no human intervention whatsoever.

Lightning Labs also released its AI agent toolkit for the Bitcoin Lightning Network in February too.

The toolkit lets software systems run a Lightning node, pay for services, and host paid endpoints without any identity verification, API keys, or traditional registration.

Michael Levin, Lightning Labs’ Head of Product Growth, described it as enabling agents to transact without human intervention.

This can fundamentally change Bitcoin’s demand model.

Today, Bitcoin’s buyers are humans.

Retail investors, hedge funds, corporate treasuries, ETF allocators, etc.

The fact of the matter is, on a global scale a relatively small amount of people own Bitcoin.

Now imagine a future where a billion autonomous AI agents are running continuously booking compute, paying for data, settling API calls, purchasing tools.

They’re all going to need some kind of digital form of money to pay for that.

Except they can’t just waltz into a bank, give their identification and walk out with an account.

No sir, these agents need programmable, borderless, uncensorable, 24/7 always-available money.

Hm… sounds like Bitcoin to me. What do you think?

Have you ordered your copy of “The Million Dollar Bitcoin... And How You Can Profit” yet?

Every day another piece of the thesis locks in. AI agents choosing Bitcoin. Supply running out. Institutions holding through the pain.

The book gives you the complete picture — the data, the stories, the math — behind why Bitcoin is heading to seven figures.

The book is live on Amazon. Order it and start reading today.

👉 Get your copy here

What you get: ✅ Complete 7-pillar thesis explained ✅ Real-world stories of Bitcoin changing lives ✅ Honest risk assessment — no sugarcoating ✅ Practical next steps for building your position ✅ Why the math makes $1M Bitcoin inevitable

Order now on Amazon →

I’m the type of person who tries to view everything bad as potential good news.

It’s raining today? Perfect, it means my plants are getting watered and hopefully we get out of drought conditions.

A traffic jam? More time to listen to my podcast.

Bitcoin prices are at cycle lows? It’s just an extended buying opportunity.

So on March 8, crypto analyst Charles Edwards posted data that was supposed to read as a warning.

“77% of Bitcoin treasury companies are underwater on their Bitcoin buys.”

The last time this number was this high was in May 2022.

Which I refer to as Bitcoin and the Terrible, Horrible, No Good, Very Bad Month what with FTX, Three Arrows Capital and just the general explosion of the industry happening around then.

Of course two years later and every single person who sold at the bottom spent the next two years wishing they hadn’t.

And there were many, many more who wished they had bought the bottom.

So what’s the signal in the noise?

Historically, a drop of 77% marks the pain threshold and the zone where conviction gets tested and weak hands give up, cash out and go chase another butterfly which is what most retail has done.

But here’s what the data also shows: the companies themselves aren’t quitting.

Strategy holds 720,737 BTC at an average purchase price of $75,985 — sitting on billions in unrealized losses.

Their response was to make their 101st consecutive Bitcoin purchase.

193 public companies now collectively hold more than 5.4% of total Bitcoin supply. The number of companies that held Bitcoin was 74 just two years ago.

The companies are multiplying, not retreating and those people who buy now will be lauded in their companies as the years go by.

But for now 65% of those underwater positions are more than 20% below cost basis which in any normal asset class, that pressure would trigger forced liquidation.

But Bitcoin treasury buyers are predominantly conviction holders — people who made a multi-year bet and understand that short-term paper losses are part of the trade and understand that Bitcoin is still a burgeoning technology and asset class all at once.

So I don’t see collapse, I just see a simple thesis continuing to play out in the doldrums of the market.

May 2022 was a bottom signal and for those who recognized it, are still sitting very well in this current bear market.

Not to go all Twain on you but you know, history doesn’t repeat but it does seem to rhyme.

And with 95% of all Bitcoin already mined and AI agents about to represent an entirely new category of demand the argument for staying in the game only gets stronger.

Most of the supply has been created and demand is about to come from directions we’ve never seen before and the people closest to this story are holding, not selling.

You don’t need to time this perfectly but there are very few times where it’s been a bad deal to buy in fear.

Until then,

Anthony

P.S. If you haven’t ordered “The Million Dollar Bitcoin” yet, do it now. This newsletter gives you the headlines. The book gives you the complete thesis. Available on Amazon right now. Start reading today — when it can still change your tomorrow.