The current market cap is based on the notional value of all coins mined to date x current market value of 1 BTC. If there are actually 1 million BTC (0r 100k o

The current market cap is based on the notional value of all coins mined to date x current market value of 1 BTC. If there are actually 1 million BTC (0r 100k or whatever)missing, lost or otherwise irretrievable, then the price per bitcoin is notionally higher. Of course, there's no way to ever prove some coins were lost or not so the point is moot. In a roundabout way I agree with you, just not for the same reasons. In effect the lost coins are already priced in, I just find the idea of lost BTC fascinating.