Is there a theoretical upper bound on the number of possible wallets, similar to the upper bound of 21 million Bitcoins that can be generated?

  • Yes. ECDSA has a limited keyspace, just like we can't keep generating different RIPEMD160 hashes. But will this ever be a problem? No! :) – Nicolai Apr 3 '13 at 23:13

I think you are talking about Bitcoin addresses, those are considered disposable, consider this; a simple computer constantly generating Bitcoin addresses will generate all possible combinations in 69 tredecillion years.

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