The UK Residents' Potential $45 Billion in Unaccounted Bitcoin: A Closer Look
blockchain-based platform CoinPoker recently released a study indicating that UK residents could be holding up to £34 billion in unaccounted Bitcoin (BTC), equivalent to approximately $45.32 billion. This unaccounted amount encompasses up to 720,000 BTC in the UK alone, highlighting a significant presence of cryptocurrency within the region.
According to Data from the World Population Review, the UK currently possesses 18% of the world's total cryptocurrencies, engaging in popular coins like Litecoin, Ethereum, and Bitcoin. Analyst David Bartram emphasized the substantial value of unaccounted Bitcoin, suggesting that a significant portion of the world's BTC supply is owned by UK residents, leading to a massive undisclosed sum.
Considering the staggering figures presented, CoinPoker outlined several key conclusions:
- Between 540,000 and 720,000 BTC remains unaccounted for in the UK.
- Estimated unaccounted BTC value in the UK ranges from £25 billion to £34 billion at the current Market Exchange rates.
- Potentially "tens of billions" in lost Bitcoin could be missing from the British Economy, raising concerns about unclaimed Wealth.
With the cost of living on the rise, some UK individuals may unknowingly be in possession of substantial cryptocurrency reserves, forming a hidden fortune that holds vast potential.
Bartram addressed the issue of unrecoverable cryptocurrency Wealth, suggesting that while some of these assets may never be reclaimed, individuals are encouraged to explore old Hardware and attempt to recall passwords associated with previous Bitcoin Ownership.
The Global Perspective on Missing Bitcoins
On a global scale, approximately 3 to 4 million BTC have gone missing, residing in Wallets with forgotten passkeys, defunct Hardware, or untraceable addresses. These lost coins are considered irretrievable by many in the cryptocurrency realm.
Reputable blockchain Analytics firm Chainalysis reported that as of 2020, 3.7 million BTC were deemed lost, attributing to an alarming quantity of unclaimed Digital assets. Furthermore, research from Unchained highlighted that an estimated 3 to 3.8 million BTC are currently unaccounted for, representing a significant percentage of the total Bitcoin supply.
One notable scenario involves James Howells, a British computer engineer who mistakenly discarded a hard drive containing 7,500-8,000 BTC back in 2013. The current valuation of this lost crypto ranges from $478.2 million to $510 million, underscoring the magnitude of unclaimed Wealth within the cryptocurrency space.
Considering the current total Market capitalization of all cryptocurrencies at $2.36 trillion, the collective value of missing Crypto Assets is presumed to be substantially higher. Bartram emphasized the elusive nature of accurately quantifying these lost funds, hinting that the true extent of unaccounted cryptocurrency Wealth may never be fully determined.
As cryptocurrency Adoption and utilization continue to evolve globally, the issue of unclaimed Digital assets poses intriguing prospects and challenges for individuals and the industry at large.
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