Investors Likely to lose almost $545 million worth of Bitcoin in 2022

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Investors Likely to lose almost $545 million worth of Bitcoin in 2022
02 May 2022
6 min read

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News Synopsis

As per a new report released, Bitcoin investors are likely to lose up to $545 million this year. The report states various reasons behind this such as forgetting passwords to their wallets or making a mistake in recording their "seed phrases". A seed phrase is a series of words created by your cryptocurrency wallet that give you access to the crypto associated with that wallet. Analysts had earlier estimated that at least around 20 percent of all Bitcoin is lost and that the majority of those funds now cannot be retrieved.

According to this report by CryptoAssetRecovery.com, between $272 million to $545 million of Bitcoin will be lost in 2022. The report by CryptoAssetRecovery.com states, "Crypto gets lost for a host of reasons: People forget the passwords to their wallets; people make a mistake in recording their seed phrases and some die without giving adequate instructions for how to access their funds. However, this does not include Bitcoin lost to scams or theft. While such funds are lost to the original wallet holder, they are not lost to the total money supply of Bitcoin. Those funds will likely continue to circulate.”

TWN Express News