Several million Bitcoin coins have been irretrievably lost
August 22, 2023 4:23 pm
Bitcoin last week finally showed the movement we had been waiting for. We have repeatedly mentioned in the last few weeks that we expect a further correction of the world’s first cryptocurrency. As we can see, we had to wait a few months, but eventually, the decline happened. It is worth noting that we are not followers of the opinion that Bitcoin will grow forever, that Bitcoin will replace fiat money, and that every inhabitant of the planet will receive a salary in Bitcoin in 10 years. For us, Bitcoin is primarily an investment tool, which the vast majority of owners use for one purpose – to make a profit. Therefore, we have always been surprised by predictions that Bitcoin will grow indefinitely or more down-to-earth predictions of $100,000.
Recently, interesting information was received that access to wallets holding several million coins had been permanently lost. Naturally, it is impossible to calculate the exact number of wallets that are no longer accessible. The fact is that there is a certain category of investors who may only move their coins for a while or even decades. However, even if there are not 3-4 million such “frozen” coins, but 1-2, it doesn’t change anything. Someone might think this is excellent for the prospects of “digital gold,” as the maximum possible number of coins is now not 21 million but 18-19. So Bitcoin should be even more valuable in the future. Are you interested in an asset to which access can be lost at any moment?
Imagine a situation: you bought a Bitcoin coin. It would be best to have a good password for your wallet so hackers don’t simply steal the coin. You set a complex password and then forget it. What to do next if the entire network is decentralized, and there is no office where you could come and prove that you are the wallet owner to which access has been lost? Or you saved the password and then accidentally deleted the password file. Or your hard drive burned out, and there is no longer any access. If you invest in stocks, bonds or even open a deposit in a bank, you can always prove with your documents that you are the owner. But if you own Bitcoin, there is no one to prove anything to.
On the 24-hour timeframe, Bitcoin finally began the decline we had been waiting for. The price dropped to $25,211, which serves as essential support. Now, it is necessary to overcome the area of $24,350 – $25,211 for selling. Then the decline may continue even lower. The target is $19,607. This is entirely feasible, as the upward trend line has been overcome. Purchases can be considered on a rebound from the area of $24,350-$25,211.
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin last week finally showed the movement we had been waiting for. We have repeatedly mentioned in the last few weeks that we expect a further correction of the world’s first cryptocurrency. As we can see, we had to wait a few months, but eventually, the decline happened. It is worth noting that we are not followers of the opinion that Bitcoin will grow forever, that Bitcoin will replace fiat money, and that every inhabitant of the planet will receive a salary in Bitcoin in 10 years. For us, Bitcoin is primarily an investment tool, which the vast majority of owners use for one purpose – to make a profit. Therefore, we have always been surprised by predictions that Bitcoin will grow indefinitely or more down-to-earth predictions of $100,000.
Recently, interesting information was received that access to wallets holding several million coins had been permanently lost. Naturally, it is impossible to calculate the exact number of wallets that are no longer accessible. The fact is that there is a certain category of investors who may only move their coins for a while or even decades. However, even if there are not 3-4 million such “frozen” coins, but 1-2, it doesn’t change anything. Someone might think this is excellent for the prospects of “digital gold,” as the maximum possible number of coins is now not 21 million but 18-19. So Bitcoin should be even more valuable in the future. Are you interested in an asset to which access can be lost at any moment?
Imagine a situation: you bought a Bitcoin coin. It would be best to have a good password for your wallet so hackers don’t simply steal the coin. You set a complex password and then forget it. What to do next if the entire network is decentralized, and there is no office where you could come and prove that you are the wallet owner to which access has been lost? Or you saved the password and then accidentally deleted the password file. Or your hard drive burned out, and there is no longer any access. If you invest in stocks, bonds or even open a deposit in a bank, you can always prove with your documents that you are the owner. But if you own Bitcoin, there is no one to prove anything to.
On the 24-hour timeframe, Bitcoin finally began the decline we had been waiting for. The price dropped to $25,211, which serves as essential support. Now, it is necessary to overcome the area of $24,350 – $25,211 for selling. Then the decline may continue even lower. The target is $19,607. This is entirely feasible, as the upward trend line has been overcome. Purchases can be considered on a rebound from the area of $24,350-$25,211.
The material has been provided by InstaForex Company – www.instaforex.com
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