A new report has just been released with a suggested breakdown of bitcoins in circulation, confirming that 20% of the coins will be lost forever.
A devil sometimes useful
Chainalysis and on-chain surveillance companies are extremely controversial entities in the world of cryptography. Accused of making deals with state authorities, their main mission is to de-anonymize users of cryptosystems by identifying the incoming and outgoing flows of transactions.
This power of analysis is sometimes put to good use and allows to draw an accurate picture of the attitude of investors towards Bitcoin. Here is the typology suggested by the study, taking into account the entire 21 million tokens available forever:
Today, 18.6 million bitcoins have already been mined – officially held by actors as diverse as they are varied. 2.4 million BTCs have not yet found takers and will gradually be put into circulation until the year 2140.
Bitcoin: the digital gold thesis confirmed
The distribution of tokens already issued breaks down as follows according to Chainalysis:
- 11.4 million or 61% of the total amount is considered to belong to “long-term” investors. In fact, these entities/individuals holding 11.4 million bitcoins have never sold more than 25% of their precious tokens.
- 3.5 million or 19% are currently used for speculation since they are in constant activity.
- 3.7 million or 20% of the BTCs would simply be lost. They haven’t actually been manipulated for more than 5 years.
The thesis of digital gold is therefore once again validated by these figures. The vast majority of Bitcoin owners are now convinced of the value of a decentralized digital asset and are willing to bet on the long term.
Moreover, such a large proportion of long-term investors indicate that Bitcoin is a UFO in the financial sphere. The hodlers could be described as determined individuals who are convinced of the intrinsic value of this asset. Believing that current prices do not reflect its true potential, they refuse to sell more than 25% of their assets.
The icing on the cake is that the 3.7 million bitcoins lost forever would imply increased value. It would not yet have been integrated by the markets. The next wave of adoption promises to bring about a new type of investor, will they be as convinced as their peers?