As per an analyst from Cane Island Alternative Advisors, it has been estimated that the number of bitcoins which are irretrievably lost has now reached up to 6 million coins.
Timothy Peterson, the analyst, has pointed out that out of the 19.3 million bitcoins mined by March 25, 2023, only 13.3 million BTC are currently in circulation.
It has also been projected that only 1.7 million coins can be mined in the next century, while it is highly likely that another million bitcoins will disappear during this time, as old ones will be lost with the creation of new coins.
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In September 2020, Peterson released a note claiming that approximately 1500 BTC are lost each day, which would result in a reduction in the number of bitcoins in circulation in just a few years.
Peterson has also pointed out that the data on the market capitalization of bitcoin is inaccurate since it includes the lost coins. Despite Peterson’s hypothesis, many Bitcoin enthusiasts have questioned its validity.
For instance, The Bitcoin Researcher, an analyst blogger, argues that the volume of circulating bitcoins is 15.5 million coins, backed by the assumption that bitcoins can only be lost if they have not moved for the past seven years.
According to the analytical service Glassnode, the number of addresses in the Bitcoin network exceeded one billion last year, even with market volatility and bankruptcies of cryptocurrency lenders.