Lost Bitcoin Keys: Over 6 Million BTC Out of Circulation Forever
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Bitcoin, the digital asset that everyone is talking about, is a hot topic once again. But this time, it’s not because of Elon Musk’s tweets or the recent surge in its price. No, this time it’s because over 6 million Bitcoin, out of a total of 19.3 million mined, are no longer in circulation.
That’s right. Over 6 million BTC have been lost forever due to lost keys, death, or just plain old forgetfulness. It’s a problem that has been around since the early days of Bitcoin, but it’s only now that we’re starting to see its real impact.
I estimate that, as of this week, 6 million of the 19.3 million #bitcoin mined have been irretrievably lost. (See related research at https://t.co/ULso76SXjD ) This means 13.3 million remain with only 1.7 million left to be mined over the next 100+ years. In that time, it's… pic.twitter.com/WpiSNT9TSF
— Timothy Peterson (@nsquaredvalue) March 25, 2023
One Million of the Unmined 1.7 Million Bitcoin Supply to Get Lost: Peterson
According to Timothy Peterson, an investment advisor at Cane Island Alternative Advisors, over 31% of the current BTC circulation supply is lost forever. That’s a significant amount, even for a digital asset that already has a limited supply.
But that’s not all. Peterson also predicts that another one million coins will be lost by the time the remaining 1.7 million BTC are mined. That’s over 7 million Bitcoin that will be out of circulation forever. It’s a problem that won’t be going away anytime soon, especially with the halving happening every four years.
Now, you might be thinking that losing a few Bitcoin here and there is no big deal. But when you consider the fact that the total supply of Bitcoin is limited to 21 million, losing over 6 million of them is a big deal. It’s like losing a needle in a haystack—only the needle is worth a lot of money.
But there is a silver lining to all of this. With the limited supply of Bitcoin becoming even more limited, its value could skyrocket beyond expectations. If Peterson’s predictions are correct and there will only be 14 million BTC in existence when all 21 million are mined, then we could be looking at a future where Bitcoin is worth more than gold.
You can purchase Lucky Block here. Buy LBLOCK
