Bitcoin Circulating Supply Far Lower Than Expected Amid Lost Coin Estimates

Binance founder Changpeng Zhao (CZ) made some striking claims about Bitcoin's cumulative mined supply, saying it has exceeded 20.07 million coins as of August 2026.

This represents a significant milestone, with the total supply now at 95.6% of its maximum 21 million limit.

However, Zhao emphasized that the actual circulating supply is far lower when accounting for lost coins, which he estimates to be between 10% and 20% of all previously mined Bitcoin.

This means that between 16.06 million and 18.06 million coins are actually in circulation, rather than the nominal figure of 20.07 million.

Zhao's comments have reignited debate over Bitcoin's scarcity and its deflationary nature, with some arguing that lost coins reduce effective supply and increase scarcity.