Billionaire's dig at millionaires earns brickbats

Changpeng "CZ" Zhao, the billionaire co-founder of Binance, the world's largest cryptocurrency exchange, is making the case that Bitcoin is becoming scarcer than most people realize.

In an Aug. 15 post on X, Zhao noted that more than 20.07 million of Bitcoin's fixed 21 million coins had been mined as of August 2026, leaving only about 4.4% of the supply still to come. He added that an estimated 10% to 20% of existing Bitcoin is lost or unrecoverable — making it, in his view, a deflationary asset.

Related: World's second-largest bank boosts XRP holdings

A deflationary asset is one whose supply shrinks or stays strictly capped over time. If demand holds steady or grows while supply tightens, that scarcity can push prices higher.

The scarcity argument found an audience. When crypto trader Quinten Francois pointed out that the U.S. has roughly 23.6 million millionaires — more than there will ever be Bitcoin — Zhao replied: "Soon, millionaires won't be able to afford 1 full Bitcoin."

Bitcoin hit its all-time high of $126,080 on Oct. 6, 2025 — and currently trades near $64,590, roughly half that level. At today's price, a millionaire could buy about 15 of them.

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