{"id":542992,"date":"2023-07-17T19:00:50","date_gmt":"2023-07-17T19:00:50","guid":{"rendered":"https:\/\/wncen.com\/?p=542992"},"modified":"2024-06-11T06:59:27","modified_gmt":"2024-06-11T06:59:27","slug":"bitcoin-presumed-lost-forever","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-presumed-lost-forever\/","title":{"rendered":"29% Of Bitcoin\u2019s Circulating Supply Is Now Presumed Lost Forever"},"content":{"rendered":"<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">According to recent findings from blockchain analytics company IntoTheBlock, around 29% of the total Bitcoin circulating supply is now presumed lost forever after remaining stagnant for over five years. <\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Bitcoin was designed to be scarce, with only 21 million coins ever to be mined, but the very features that make the cryptocurrency so attractive to investors can sometimes lead to investors losing their assets forever, especially in cases where private keys are forgotten.\u00a0<\/span><\/p>\n<p>Related Reading: <a href=\"Legal Expert\" rel=\"nofollow\">Why Ripple\u2019s Victory Against The SEC May Be Short-Lived: Legal Expert<\/a><\/p>\n<h2 style=\"font-weight: 400\">Stagnant BTC Addresses Are Growing Over Time<\/h2>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">In a recent <\/span><a href=\"https:\/\/twitter.com\/intotheblock\/status\/01939968?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">tweet <\/span><\/a><span style=\"font-weight: 400\">by IntoTheBlock, the company called attention to the high number of dormant bitcoin addresses. &#8220;Our data shows that 29% of $BTC hasn&#8217;t moved in over 5 years. It&#8217;s possible that a large part of this concerns lost coins,&#8221; the tweet said.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-542996 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/IMG_0019.jpeg?resize=460%2C230\" alt=\"Lost Bitcoin (BTC)\" width=\"460\" height=\"230\"><\/div>\n<pre style=\"text-align: center\">BTC presumed lost crosses 7.7 million | Source: Glassnode<\/pre>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Similar <\/span><a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/76279041?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">data <\/span><\/a><span style=\"font-weight: 400\">has been supplied by Glassnode Alerts, an on-chain metrics monitor. According to Glassnode, on-chain data shows that the total quantity of HODLed or lost bitcoins just hit a new all-time high of 7,781,224.168 BTC. Given that the price of a single Bitcoin is currently about $30,000, this equates to more than $235 billion in BTC that has now been lost.\u00a0<\/span><\/p>\n<h2 style=\"font-weight: 400\">What Does This Mean For Bitcoin?<\/h2>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Institutional interest in Bitcoin has grown in the past year, with companies like MicroStrategy doubling down on their bitcoin holdings. Hence, the increase in dormant addresses can show more people are holding Bitcoin as a long-term investment rather than trading or spending it. However, it can also signal the amount of BTC lost forever, especially by early investors.\u00a0<\/span><\/p>\n<p style=\"text-align: center\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/XcF1QvUE\/\" alt=\"Bitcoin (BTC) price chart from TradingView.com\" width=\"2160\" height=\"1686\"><\/p>\n<pre style=\"text-align: center\">BTC price trending at $30,100 | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Taking into account that early investors are more likely to cash out on the huge gains made by the price of bitcoin, the latter is more likely. The price of Bitcoin has skyrocketed over the years and small amounts of Bitcoin from the early days are now worth a fortune. So if investors still had access to these dormant BTC, then they would likely have been moved already.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">As Bitcoin gained mainstream popularity, many people have also bought in without fully understanding how to secure their private keys properly. A good example is the case of Stefan Thomas, a San Francisco-based programmer who is unable to asses his holdings of about 7,002 bitcoins. Thomas&#8217; holdings are currently worth $216 million, but he can&#8217;t remember the password containing the private keys to his digital wallet.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/ark-invest-sells-coinbase-shares\/?swcfpc=1\">Ark Invest Sells Over $50 Million Worth of Coinbase Shares Amidst Stock Rally<\/a><\/div>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">With bitcoin having a fixed supply, its increasing scarcity due to lost coins can also enhance its appeal as a store of value. This could drive the price up due to increasing demand for the fewer bitcoins in circulation.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Bitcoin has seen a surge in price in recent months fueled by spot ETF applications filed by major investment companies like BlackRock and Valkyrie. The cryptocurrency is up by 43% this year and is currently ranging around $30,000 for the past few weeks.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Futurism, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to recent findings from blockchain analytics company IntoTheBlock, around 29% of the total Bitcoin circulating supply is now presumed lost forever after remaining stagnant for over five years. Bitcoin was designed to be scarce, with only 21 million coins ever to be mined, but the very features that make the cryptocurrency so attractive to investors can sometimes lead to investors losing their assets forever, especially in cases where private keys are forgotten.\u00a0 Related Reading: Why Ripple\u2019s Victory Against The SEC May Be Short-Lived: Legal Expert Stagnant BTC Addresses Are Growing Over Time In a recent tweet by IntoTheBlock, the company called attention to the high number of dormant bitcoin addresses. &#8220;Our data shows that 29% of $BTC hasn&#8217;t moved in over 5 years. It&#8217;s possible that a large part of this concerns lost coins,&#8221; the tweet said.\u00a0 BTC presumed lost crosses 7.7 million | Source: Glassnode Similar data has been supplied by Glassnode Alerts, an on-chain metrics monitor. According to Glassnode, on-chain data shows that the total quantity of HODLed or lost bitcoins just hit a new all-time high of 7,781,224.168 BTC. Given that the price of a single Bitcoin is currently about $30,000, this equates to more than $235 billion in BTC that has now been lost.\u00a0 What Does This Mean For Bitcoin? Institutional interest in Bitcoin has grown in the past year, with companies like MicroStrategy doubling down on their bitcoin holdings. Hence, the increase in dormant addresses can show more people are holding Bitcoin as a long-term investment rather than trading or spending it. However, it can also signal the amount of BTC lost forever, especially by early investors.\u00a0 BTC price trending at $30,100 | Source: BTCUSD on TradingView.com Taking into account that early investors are more likely to cash out on the huge gains made by the price of bitcoin, the latter is more likely. The price of Bitcoin has skyrocketed over the years and small amounts of Bitcoin from the early days are now worth a fortune. So if investors still had access to these dormant BTC, then they would likely have been moved already.\u00a0 As Bitcoin gained mainstream popularity, many people have also bought in without fully understanding how to secure their private keys properly. A good example is the case of Stefan Thomas, a San Francisco-based programmer who is unable to asses his holdings of about 7,002 bitcoins. Thomas&#8217; holdings are currently worth $216 million, but he can&#8217;t remember the password containing the private keys to his digital wallet.\u00a0 Related Reading: Ark Invest Sells Over $50 Million Worth of Coinbase Shares Amidst Stock Rally With bitcoin having a fixed supply, its increasing scarcity due to lost coins can also enhance its appeal as a store of value. This could drive the price up due to increasing demand for the fewer bitcoins in circulation.\u00a0 Bitcoin has seen a surge in price in recent months fueled by spot ETF applications filed by major investment companies like BlackRock and Valkyrie. The cryptocurrency is up by 43% this year and is currently ranging around $30,000 for the past few weeks. Featured image from Futurism, chart from TradingView.com<\/p>\n","protected":false},"author":594,"featured_media":542994,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1144,78790,88642],"class_list":["post-542992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-dormant-btc"],"acf":[],"yoast_head":"\n<title>29% Of Bitcoin\u2019s Circulating Supply Is Now Presumed Lost Forever<\/title>\n<meta name=\"description\" content=\"Around 29% of the Bitcoin circulating supply is now presumed lost forever after remaining stagnant for over five years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"29% Of Bitcoin\u2019s Circulating Supply Is Now Presumed Lost Forever","url":"http:\/\/wncen.com\/news\/bitcoin-presumed-lost-forever\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-presumed-lost-forever\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/IMG_0018.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/IMG_0018.jpeg?fit=729%2C420"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusd","btcusdt","dormant btc"],"dateCreated":"2023-07-17T19:00:50Z","datePublished":"2023-07-17T19:00:50Z","dateModified":"2024-06-11T06:59:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"29% Of Bitcoin\\u2019s Circulating Supply Is Now Presumed Lost Forever\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-presumed-lost-forever\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-presumed-lost-forever\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/IMG_0018.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/IMG_0018.jpeg?fit=729%2C420\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\",\"dormant btc\"],\"dateCreated\":\"2023-07-17T19:00:50Z\",\"datePublished\":\"2023-07-17T19:00:50Z\",\"dateModified\":\"2024-06-11T06:59:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/IMG_0018.jpeg?fit=729%2C420","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/542992"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=542992"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/542992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/542994"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=542992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=542992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=542992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}