Crypto Billionaire Changpeng Zhao Estimates 2-4 Million Bitcoin Gone Forever, Calls BTC a 'Deflationary A

This includes Satoshi Nakamoto’s estimated 1.1 million untouched early BTC, which are technically dormant rather than confirmed lost.

Bitcoin can become inaccessible in several ways, such as when private keys or passwords are lost, or when someone dies without leaving seed phrases or recovery instructions for their heirs.

Buy and HODL L1s, Says Raoul Pal

Macro investor Raoul Pal, meanwhile, urged investors on X to buy and hold a small number of high-quality Layer 1 blockchains that capture real economic activity.

“The people trying to be clever and trade this cycle are the ones who’ll eventually blow this up,” the Real Vision CEO said

Pal said that banks and asset managers are shifting products onto blockchain rails, which are also becoming central to the next phase of the internet involving AI agents.

“Liquidity is flowing, the Clarity Act is coming and the geopolitical noise looks like it might finally settle,” he added.

Price Action: At the time of writing, BTC was exchanging hands at $63,541, up 0.86% in the last 24 hours, according to data from Benzinga Pro.

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