A pairing gap and coherence are the two hallmarks of superconductivity. In a classical BCS superconductor they are established simultaneously at T c . In the cuprates, however, an energy gap (pseudogap) extends above T c [1, 2, 3,4,5,6,7,8]. The origin of this gap is one of the central issues in high temperature superconductivity. Recent experimental evidence demonstrates that the pseudogap and the superconducting gap are associated with different energy scales [9,10,11,12,13,14]. It is however not clear whether they coexist independently or compete [9,12,14,15]. In order to understand the physics of cuprates and improve their superconducting properties it is vital to determine whether the pseudogap is friend or foe of high temperature supercondctivity [16]. Here we report evidence from angle resolved photoemission spectroscopy (ARPES) that the pseudogap and high temperature superconductivity represent two competing orders. We find that there is a direct correlation between a loss in the low energy spectral weight due to the pseudogap and a decrease of the coherent fraction of paired electrons. Therefore, the pseudogap competes with the superconductivity by depleting the spectral weight available for pairing in the region of momentum space where the superconducting gap is largest. This leads to a very unusual state in the underdoped cuprates, where only part of the Fermi surface develops coherence.Coherence in the superconducting state of the cuprates manifests itself by the appearance of a narrow peak in the ARPES lineshape [17], while the pseudogap [2, 3,4,12] depletes the low energy spectral weight below the pseudogap energy. The simplicity of the Bi 2 Sr 2 CuO 6+δ (Bi2201) spectra, as measured by ARPES, permits us to perform a straight forward quantitative analysis of the two features because the energy distribution curves (EDCs) in this single layer material lack the large renormalization effects (e.g. peak-hump-dip structure) and bilayer splitting that are present [6,7] in double layered Bi 2 Sr 2 CaCu 2 O 8+δ (Bi2212). This feature, however, means the spectral changes associated with the superconducting transition in Bi2201 are much more difficult to observe [18]. By acquiring very high resolution and stable ARPES data with high statistics, we are able to study the temperature and momentum dependence of the spectral weight near the chemical potential, with unprecedented accuracy. Experimental and sample preparation details are provided in the Supplementary Information. In Fig. 1 we examine the temperature dependence of the spectral lineshape in overdoped Bi2201 (T c =29K). Above the pseudogap temperature (T * ) (∼110K for this sample), the symmetrized EDCs [4] (see Supplementary Information) show a peak centered at the chemical potential -consistent with the metallic state of the sample. Upon cooling below T * , the low energy spectral weight decreases (within ∼20 meV), leading to a characteristic dip and very broad spectral peaks that signify the opening of an energy gap, as shown in Fig. 1(d). The loss...