$66,500,000,000 in Bitcoin Is Lost and Will Never Be Recovered, Says Crypto Intelligence Firm Chainalysis

Blockchain intelligence company Chainalysis is delving into the fundamentals of the 2020 Bitcoin bull run.

The company reports in a new Market Intelligence Report says There are roughly 14.8 million Bitcoin in circulation if you subtract the amount of BTC that people have lost access to over the years. That leaves 3.7 million Bitcoin worth around 66.5 billion US dollars, which will be lost forever and will not be available to new buyers.

About 77% of the 14.8 million have been banned for five years or more, meaning 3.4 million BTC is available for purchase due to growing demand from deep pocket investors.

“The institutional move into cryptocurrency seems to be driven by the desire to hedge against macroeconomic uncertainties, which of course were not in short supply this year …

The data also confirm this institutional investment story. For one, we are seeing an increase in high quality transfers sent by exchanges in 2020. “

Source: chain analysis

According to Chainalysis, the number of transfers from crypto exchanges to private wallets of $ 1 million or more is 19% higher than having more money to spend in 2017 at the height of the last big bull cycle.

According to Chainalysis, in order for Bitcoin to continue to grow in the long term, the leading crypto currency must prove that it is similar to gold and can offer protection against economic uncertainties.

“Comparing this bull run to 2017 suggests that investors have become smarter and more strategic, buying Bitcoin to serve a specific use case, rather than speculating on the new hot asset. If Bitcoin can continue to provide an effective hedge against macroeconomic trends, we believe that more and more institutional investors will put money into the asset, leading to even greater mainstream adoption. “

Featured image: Shutterstock / Tithi Luadthong

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