Almost 29% of the circulating Bitcoin offer irretrievably lost: New data reveal a high number of dormant addresses and increasing loss of bitcoins
Almost 29% of the circulating Bitcoin offer irretrievably lost: New data reveal a high number of dormant addresses and increasing loss of bitcoins
Almost 29% of the circulating Bitcoin offer, which has not been moved for over five years, is considered forever, according to the blockchain analysis company Intothlock. Glassnode Alerts, an on-chain metric monitor, has reported similar data and found that the total amount of Hodled or Lost Bitcoins has reached a new all-time high.
The fact that Bitcoin is designed to be scarce makes cryptocurrency attractive for investors, but can also lead to losing their assets forever. This often happens when private keys are forgotten or lost. A recently known story is that of Stefan Thomas, a programmer from San Francisco that has lost access to 7,002 bitcoins worth $ 216 million, since he cannot remember the password that contains the private key to his digital wallet.
The loss of bitcoins can lead to increasing scarcity in the future and increase the attractiveness of cryptocurrency as a value preservation means. With increasing popularity of Bitcoin, however, many people also buy without fully understanding how they can properly secure their private keys.
The increasing number of dormant addresses can indicate that Bitcoin is increasingly being kept than long -term investment instead of acting or output. However, it is also possible that the amount of lost bitcoins will increase, especially in early investors who might have already had access to their resting BTC if they were still there.
The price increase of Bitcoin in recent years has meant that small quantities from the beginning are worth a fortune today. The institutional interest in Bitcoin has also increased because companies like Microstrategy have doubled their Bitcoin stocks. These factors could help the price of Bitcoin continue to increase, since the demand for less bitcoins is increasing.
In the past few months, Bitcoin has experienced a price increase, which was also heated by the spot ETF applications of large investment companies such as Blackrock and Valkyrie. The cryptocurrency has increased by 43% this year and is currently around $ 30,000.It remains to be seen how the loss of bitcoins will have a total of the market and the price of cryptocurrency. However, the fact that a large part of the circulating offer is considered to be lost forever could help make Bitcoin even more scarce and therefore more valuable.
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