If you hold 0.28 BTC, you’re part of 1% HODL gang


Steve Lee, former Google Product Director has introduced the 0.28 BTC figure which states that no more than 1 percent of the world’s current population can own more than 0.28 BTC.  According to his estimation the supply of Bitcoin is approximately 17 million and only 0.8 percent of the population can own more than 0.28 BTC and less than 0.2 percent of the population can own more than 1 BTC.

With the supply of BTC fixed at 21 million, it can’t be altered due to the monetary protocol. However the real price can’t be estimated due to lost supply that can’t be taken into consideration. According to Chainalaysis a blockchain forensics company, the lost supply that could be up to 4 million BTC is due to private wallets and keys that can get lost or have become unusable. This also includes the creator of BTC Satoshi Nakamoto’s wallet which is dormant and no longer accessible.

Kim Grauer economist at Chainalysis explained that lost supply is not taken into thought when the market cap is being determined. Grauer said “Considering how highly speculative this field is, those market cap calculations may make it into economic models of the market that impact spending activity.”

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During the next few years the availability of Bitcoins will reduce due to the increase acquirement of cryptocurrency from buyers. This will lead to a substantial reduction to the availability of one whole Bitcoin that one individual can ever hold.

Lee stated “A modest investment of $1, 830 today can ensure you are a 1 percenter in a future Bitcoin world.” According to Lee the supply is 21 million due to the outcome of 21 million being divided by 0.28 and further divided into the current world population which is 7.442 billion. Adding the 4-6 million lost supply on the blockchain, the supply of Bitcoin should be around 16-17 million.

However, the 0.2 figure may reduce majorly due to limited supply and increasing value of cryptocurrency. The cryptocurrency sector can grow remarkably since it is still in its first stage and there are many opportunities for much further development.