Over 7 Million Bitcoins May Be Lost Forever, Study Finds
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A new report from Cane Island reveals a startling truth about Bitcoin’s supply: by late 2025, over 7 million BTC could be permanently lost—more than one-third of all coins ever mined.
These losses stem from forgotten passwords, destroyed wallets, inaccessible keys, and coins sent to burn addresses.
While better storage tools and increased user awareness have slowed the pace of loss—from 4% in 2020 to 3.3% in 2025—the total number of inaccessible coins continues to rise.
The report also argues that Bitcoin’s true market value may be significantly overstated, as current metrics count the full supply, including coins that will never circulate again.
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Satoshi Nakamoto, Bitcoin’s pseudonymous creator, once noted that lost coins boost the value of the remaining supply—an unintended “donation” to other holders.
However, as the scale of these losses grows, it raises broader concerns about liquidity, long-term accessibility, and how accurately Bitcoin’s market cap reflects real, usable assets in the ecosystem.
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