Bitcoin has a scarcity problem that Michael Terpin says the market hasn’t fully priced in: “There's 28 million millionaires and only 21 million Bitcoin.” Thank you to Grayscale for being a sponsor of the CoinDesk Media Network.

@michaelterpin @Grayscale 28 million millionaires and only 21 million Bitcoin really puts scarcity into perspective

@michaelterpin @Grayscale 15 million BTC. 6 million are lost forever, more every day.

@michaelterpin @Grayscale There are 28 million millionaires and only 21 million Bitcoin — a scarcity problem the market still hasn't fully priced in. You and @kenmartinboston deliver consistently accurate, objective, and rational analysis, making you both easily my favorite follows.

@michaelterpin @Grayscale scarcity could matter a lot more over the long run

@michaelterpin @Grayscale Yeah , that's twenty eight million people who don't need bitcoin

@michaelterpin @Grayscale So basically a lottery where the tickets are already bought, hope the millionaires brought snacks.

@michaelterpin @Grayscale 28M millionaires, 21M Bitcoin. The math is already bullish.

@michaelterpin @Grayscale Scarcity is the structural case, but marginal price still clears through flows. The near-term tell is whether ETF demand broadens beyond the leader and whether leverage/OI stays contained; supply alone does not tell you who is buying at the margin.

@michaelterpin @Grayscale where does the millionaire count come from exactly

@michaelterpin @Grayscale Wow, that's a lot of millionaires for a limited supply.

@michaelterpin @Grayscale That supply demand math definitely makes you think

@michaelterpin @Grayscale There are still opportunities in BTC Are you positioned?

@michaelterpin @Grayscale Terpin bringing out the classic millionaire math. wild to think about that ratio when most of them still treat a hardware wallet like a lost password waiting to happen. supply shock is real once they actually try to crowd the door at the same time

Terpin’s comparison gets at the scarcity argument, but the real issue is access rather than a literal one-to-one shortage. There can only ever be 21M BTC, so if ownership demand expands faster than available supply, price becomes the mechanism that determines who can accumulate it. 

@michaelterpin @Grayscale If you count how many have been lost, it's probably less than 17M.

@michaelterpin @Grayscale 28M millionaires chasing 15M usable BTC math gets interesting fast.

@michaelterpin @Grayscale Solo 10000 Bitcoin, a 84k, son 840 millones de💵. 🤔 Define millonario; por que, tal vez, no necesites 1M de Bitcoin para ser millonario.

@michaelterpin @Grayscale Scarcity is one of Bitcoin’s strongest narratives. With a fixed supply, growing demand could make every BTC increasingly valuable over time. ₿🔥

@michaelterpin @Grayscale Assume most of those 28m millionaires keep their wealth in fiat anyway

@michaelterpin @Grayscale scarcity could matter a lot more over the long run

@michaelterpin @Grayscale Scarcity math is getting loud🚀