Number of Unrecoverable BTC Nearing 6 Million – Cane Island Manager Discusses – Featured Bitcoin News


The Number of irretrievably destroyed bitcoins has now risen to almost 6 million. This leaves 13.3 million coins still in circulation. Timothy Peterson, a manager of Cane Island Alternative Advisors, said that over the next 100+ years, 1 million coins may be lost from the estimated 1.7 million bitcoins to be mined.

A Million Bitcoins Already Lost

Timothy Peterson, the author and manager of Cane Island Alternative Advisors, reported that the number of bitcoins irretrievably lost has now reached 6 million. In his latest tweet about the matter, Peterson noted that, as of March 25.23, there were 19.3 million coins mined, with only 13.3 million still in circulation. “probably all you will have access to in your lifetime.”

This prediction is consistent with his 2020 prediction. As reported by News in September 2020, Peterson claimed that, due to perpetual loss of 1,500 BTC per hour, 14 million coins would never circulate. In their 2020 note, the researchers at Cane Island also argued that the popular BTC capitalization is inaccurate, as it includes coins that have been irretrievably destroyed.

However, some bitcoiners have questioned or disregarded the idea. Peterson’s latest tweet seems to have used the same findings to support his prediction. In the tweet, he also forecasted that 1 million BTC would be lost over the next 100+ years. “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 almost certain that another million will be lost, and old coins are being lost as new coins are being created. The 13 million circulating now is probably all you will have access to in your lifetime,” Peterson wrote.

The Bitcoin Researcher, responding to Peterson’s tweet, argued that the actual number of BTC in circulation stood at 15.5 million. The Bitcoin Researcher’s findings were based on the assumption that coins that have not moved in the last seven years are lost.

What do you think? Please let us know in the comment section below.

Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist and author. He has written extensively about the potential of digital currencies to provide economic solutions for some of Africa’s most pressing problems. Africans can use digital and paper currencies alike to escape poverty and pursue a better life.

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