Changpeng "CZ" Zhao, the billionaire co-founder of Binance, the world's largest cryptocurrency exchange, is making the case that Bitcoin is becoming scarcer than most people realize.
In an Aug. 15 post on X, Zhao noted that more than 20.07 million of Bitcoin's fixed 21 million coins had been mined as of August 2026, leaving only about 4.4% of the supply still to come. He added that an estimated 10% to 20% of existing Bitcoin is lost or unrecoverable — making it, in his view, a deflationary asset.
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A deflationary asset is one whose supply shrinks or stays strictly capped over time. If demand holds steady or grows while supply tightens, that scarcity can push prices higher.
