All of them. Literally. All Bitcoins were created via segniorage. However many billion dollars of market cap as it exists today is the present value of payment for past work in securing the future of the blockchain. The market value [+] doesn't come from nowhere - it's a transaction fee paid by later adopters to earlier adopters for the privilege of being able to transact on their blockchain.
If future prospective adoptees believe that fee is too high, well, it can get renegotiated down in a hurry, and will be.
[+] Slight mangling of terms here, since market value is number of coins times last trade price, and that won't correspond to the sum of all dollar-denominated capital inflows into Bitcoin.
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All of them. Literally. All Bitcoins were created via segniorage. However many billion dollars of market cap as it exists today is the present value of payment for past work in securing the future of the blockchain. The market value [+] doesn't come from nowhere - it's a transaction fee paid by later adopters to earlier adopters for the privilege of being able to transact on their blockchain.
If future prospective adoptees believe that fee is too high, well, it can get renegotiated down in a hurry, and will be.
[+] Slight mangling of terms here, since market value is number of coins times last trade price, and that won't correspond to the sum of all dollar-denominated capital inflows into Bitcoin.