Economic indices from Chainaylsis have reflected factors responsible for the scarcity of Bitcoin despite the leading token’s popularity globally.
Indecision from government regulation agencies, SEC and the Commodities Futures Trading Commission (CTFC) on how to control and manage digital tokens, theft of about four million coins, loss of wallet and allegedly inactive wallet were some of the problems causing the leading cryptocurrency availability to hang on a balance.
The report also painted the harsh realities of increased scarcity of the digital coin since it’s limited supply is fixed at 21 Million BTCs.
The forensic company after evaluating Bitcoin late last year had disclosed that the amount of Bitcoin available should be between 16 to 17 million. Meaning that there will be less than 0.2% of crypto users worldwide that will have 1 BTC in their digital wallets.
The senior economist at Chainaylsis, Kim Grauer emphasized that the actual value of Bitcoin could be higher because calculations made did not include cryptocurrencies that were lost.
Kim in his statement also said “that is a very complex question. On the one hand, direct calculations about market cap do not take lost coins into consideration. Considering how highly speculative this field is, those market cap calculations may make it into economic models of the market that impact spending activity.”
Also reiterating the same concern, a volunteer Bitcoin PM and a former Google product director, Steve Lee on twitter explained the hassles Bitcoin users are facing. Saying;
“If you own 0.28 BTC and HODL, you can be certain no more than 1% of the current world’s population can EVER own more BTC than you. A modest investment of $1,830 today can ensure you are a 1%er in a future Bitcoin world.”
Jameson Lopp, author at Coindesk this month also voiced his thoughts on Twitter, saying;
“There are not enough Bitcoins for everyone with a Coinbase account to own one.”
Not all is bad news though, Christopher Giancarlo has expressed strong optimism about the future of Bitcoins and other altcoins. The CTFC chairman is of the opinion that the digital assets are worth investing into because they are here to stay.
Even though the crypto world is still at an early stage, Chainaylsis have deduced that the number of Bitcoin users will continue to drop as years go by.
With the price of Bitcoin at $6,500+, Crypto analysts have maintained that there might be a huge increase in the cost of Bitcoin as it’s scarcity further deepens.