CZ Highlights Bitcoin's Scarcity

The upcoming halving process in Bitcoin has brought supply discussions to the forefront. Binance founder Changpeng Zhao pointed out that the circulating amount of Bitcoin may fall below general expectations, emphasizing its deflationary nature. As of August 2026, more than 20.07 million of the total capped supply of 21 million have been mined, indicating that approximately 4.4% of the mining process remains unfinished. Zhao highlighted that the amount of Bitcoin mined represents the theoretical supply, but not all of it may be available for trading. He estimated that between 10% and 20% of the current Bitcoin supply could be lost or inaccessible. This situation includes assets in wallets where private keys have been lost and balances that are inaccessible for other reasons. If these estimates are accurate, the actual amount of Bitcoin available for investors to buy and sell may be lower than official figures suggest. Bitcoin's fixed supply model has long been seen as a significant value proposition. As halving periods approach, the question of how much of the circulating supply is truly accessible resurfaces. Zhao's assessment has reignited the discussion about the potential difference between total production on-chain and the actively circulating supply in the market.

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