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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Six Million Bitcoins Now Lost Forever? Why This Matters

Best Owie
Best Owie
1 year ago
3 mins read
Lost bitcoin

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Ad discliamer

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Over the years, millions of Bitcoin have been lost forever due to people forgetting or losing their keys, or possibly passing away without passing on their keys. With each passing year, this number grows and more BTC is lost. Now, this number is estimated to have crossed 6 million, which is quite bullish for the digital asset.

Six Million BTC Are Out Of Circulation Forever

In a tweet, a manager at Cane Island Alternative Advisors, an investment advisory firm, revealed that the number of lost Bitcoins has crossed 6 million. Timothy Peterson shared this over the weekend where he explained that of the 19.3 million BTC that have been mined so far, there are only 13.3 million currently available. Going by Peterson’s numbers, over 31% of the current Bitcoin circulation supply is lost forever.

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, CFA CAIA (@nsquaredcrypto) March 25, 2023

The investment manager further went on to state that another one million coins are expected to be lost by the time the remaining 1.7 million BTC are mined, which would take over 100 years with a halving happening every four years. Thus, “The 13 million circulating now is probably all you will have access to in your lifetime,” Peterson concludes.

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New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?

1 year ago

Peterson shared a link to a 2020 study from Cane Island Alternative Advisors which showed at the time that about 4 million BTC were lost forever, with the claims that there will never be more than 14 million BTC in circulation. However, the investment manager did not back his most recent claims with data.

Lost Bitcoin Good For Price?

Bitcoin already has a limited supply, which has been a boon for its value, but with millions of coins being lost as well, it reduces the already limited supply. If Peterson is correct and there will only be 14 million BTC in existence even when all 21 million are mined, then the value of Bitcoin could skyrocket beyond expectations.

Bitcoin price chart from TradingView.com

BTC price trending below $28,000 | Source: BTCUSD on TradingView.com

BTC has no official burn, but other projects such as Shiba Inu have taken the burning approach to reduce the supply of the token and increase its value in the process. This works basically the same way for any asset, if supply remains lower than demand, then the value of that asset will continue to rise.

Related Reading

Ethereum bull

On-Chain Data Indicates Ethereum’s Bullish Trend Could Continue

2 years ago

Cane Island Alternative Advisors acknowledges in its 2020 research note that the demand for BTC has been on the rise. “By all accounts, bitcoin demand has increased over time. Every metric – active addresses, transaction counts, hash rates, etc. has shown increased demand for bitcoin. Since price has also increased over that time, we can conclude that the increase in demand has outpaced the increase in supply.”

As Bitcoin adoption is expected to accelerate over the next few years and more BTC are lost, BTC at six figures become an even more likely reality.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from The Enlightened Mindset, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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