Scarcity: As the Craig Wright saga unfolds, I wonder how many bitcoin will ultimately be in circulation.
Most people are confident that Craig Wright is NOT the creator known as Satoshi, but whenever we see articles like this; it makes us wonder about those people holding the top ten wallet balances (outside of exchanges). As fascinating as the story of how they got into this position must be, imagine how the story goes from here.
The good news for the rest of us is that most of the official top 10 wallets are now exchange wallets. There could be hundreds of thousands of individuals interacting with that exchange, meaning the network is growing (and at an increased rate yearly).
And why wouldn’t the network grow? There are only 21,000,000 bitcoin which will ever be mined. The network is positioned to be a steadfast, first mover, digital store of value, in the coming digitization of value. Of the thousands of cryptocurrencies, Bitcoin is the only one secured by a proof of work algorithm, with enough hash rate to stop colluding State Actors from interfering with the next block. There are many other traits which make bitcoin attractive, but just based on security and scarcity; the network will continue to grow.
They also say it is likely 4,000,000 bitcoin are lost (forever). Does this include the coins in question below, or is the actual total supply going to be even lower? In the end – maybe there are only 15,000,000 bitcoins in circulation. We will do a deep dive on lost keys and other scarcity factors soon. If you need help securing your bitcoin or planning your digital estate – please see here: https://larkinblockchain.consulting/about/
Read the latest on the Craig Wright saga here: