1% of Bitcoin's total supply, or $6 billion worth has been locked away

Bitcoin has reached a new milestone as a manager of a crypto custody firm has announced 1% of BTC's total supply has been wrapped.

@JakConnorTT

Published Jun 9, 2021 2:31 AM CDT
Updated Jul 6, 2021 9:03 PM CDT

50 seconds read time

1% of Bitcoin's total supply, worth approximately $6.2 billion, has been successfully tokenized on the Wrapped Bitcoin (WBTC) protocol.

The news comes from Kia Mosayeri, who is the product manager of crypto custody firm BitGo. According to Mosayeri, 1% of Bitcoin's total supply has successfully been brought over to the Ethereum blockchain via WBTC. CoinGecko states that there is currently 18.73 million Bitcoin currently in circulation, and 1% of those, or 182,610 BTC are now on the WBTC protocol.

Additionally, BTConEthereum has estimated that around 240,620 Bitcoins have been converted to tokens via various protocols, which equates to a total market capitalization of $7.91 billion. However, 78% of tokenized Bitcoin on Ethereum is WBTC. If you are interested in reading any more about this story, or stories similar to this one, check out this link here.

In other Bitcoin news, former President of the United States, Donald Trump has slammed Bitcoin, saying that "it just seems like a scam", more on that story here.

1% of Bitcoin's total supply, or $6 billion worth has been locked away 02

NEWS SOURCE:cointelegraph.com

Jak Connor

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.