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Billionaire's dig at millionaires earns brickbats

A billionaire’s criticism of millionaires has drawn backlash, according to a Yahoo Finance Singapore headline. The excerpt does not identify the billionaire, the remarks, or the specific reactions.

Yahoo Finance Singapore

Publisher

Aug 19, 2026 at 12:35 AM UTC · 2 分钟阅读

Billionaire's dig at millionaires earns brickbats
Image via Yahoo Finance Singapore

Key Signal

20.07M Bitcoin mined supply

Last Updated

16 小时前

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.

Popular on TheStreet Roundtable:

Market Context

Bitcoin

BTC

$67,900

+5.07% (24H)

Market Cap

$1.36T

24H Volume

$27.9B

24H High

$69,577

View Bitcoin Market Page

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