June 6, 2023

Timothy Peterson: "6 million bitcoins are lost forever"

Article reading time:
2 minutes.

Timothy Peterson: "6 million bitcoins are lost forever"

According to an analyst at the consulting company Cane Island Alternative Advisors, today the number of irretrievably lost bitcoins has reached 6 million coins.

Timothy Peterson stated that fromWith 19.3 million bitcoins mined as of March 25, 2023, only 13.3 million BTC are in circulation. In the next 100 years, only 1.7 million coins can be mined, the analyst recalled. And he suggested that during this time, with a high degree of probability, at least another million bitcoins will disappear, since as new coins are created, old ones will be lost.

In September 2020, Peterson publisheda note in which he suggested that about 1500 BTC are lost every day. Given these calculations, in a few years the number of bitcoins in circulation will be less than 14 million coins. The researcher tried to draw attention to the fact that the data on the market capitalization of bitcoin is incorrect, since it includes those very irretrievably lost coins.

Many Bitcoin enthusiasts questioned the hypothesisPeterson. For example, analyst blogger The Bitcoin Researcher insists that in fact the volume of circulating bitcoins is 15.5 million coins. The user substantiated his conclusions with the assumption that bitcoins can be lost if they have not moved over the past seven years.

Last year, the number of addresses in the Bitcoin network exceeded 1 billion, despite market volatility and bankruptcies of cryptocurrency lenders, according to the analytical service Glassnode.