Two research firms, Chainalysis and Diar release their recent finding, that explores the actual amount of Bitcoin(BTC) available in circulation for the regular guy like you and I. The data suggests that 36% of this amount is ‘lost, likely lost, or unmined’.
According to a report on Bitcoin.com, the findings by the two research firms released compelling data on the state of BTC Core. At the time of writing, coinmarketcap.com reported that the circulating supply of BTC stands at 17,296,587. Taking into the amount the 36% as suggested by the research, around 6.226 Million BTC is technically unavailable for purchase or trading.
Furthermore, the reports state some more stats, speculators hold around 22% and investors hold a 30% stake of the circulating supply. Implying the 3.8 Million and 5.189 Million Bitcoin in circulation respectively.
Bitcoin – Technically Scarce
Taking the aforementioned figures into account and acknowledging that the hard-cap on the mining of Bitcoin is set at 21 Million, it is safe to deduce that bitcoin is scarce (technically). Since 6.226 Million BTC is technically unavailable and just 3.704 Million BTC that is yet to be mined, it presents a minimalistic figure that might not be able to satisfy the interest of global investors.
Looking back at Charlie Lee’s Tweet back in mid-July, the founder of Litecoin might have been on the correct track when he suggested enthusiasts to own 1 BTC before striving towards the altcoins. His Tweet stated:
There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the shitcoins you want!
There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. ?
Once you have 1 BTC, buy all the shitcoins you want! ? pic.twitter.com/bc3xKKGB0m
— Charlie Lee [LTC?] (@SatoshiLite) July 17, 2018