The cryptocurrency space accounts for several addresses that have remained dormant over the years due to factors like lost passwords or a possible investment strategy by the holders. However, the top five dormant wallets on the Bitcoin network account for a significant share of the asset.
Data acquired by Finbold indicates that as of September 29, 2021, the top 5 dormant Bitcoin addresses with no transactions for the last five years have a combined balance of $8.96 billion. The amount is also equivalent to 1.1% of the total amount of Bitcoin.
The balance is higher than the Gross Domestic Product of the four selected countries. The amount is higher than Tajikistan’s GDP of $8.19 billion.
The balance is also higher than the GDP of Mauritania ($7.77 billion), Kyrgyzstan ($7.73 billion), and Kosovo ($7.61 billion).
Lack of access potentially behind BTC dormant wallets
The report highlights some of the possibilities surrounding the top five most dormant Bitcoin addresses. According to the research report:
“Keeping in mind that no one but you has access to your crypto wallet – it is possible individuals can forget or lose their pass and, as a result, lose everything. Hence, those holdings of the top five dormant BTC addresses may also be among the coins that can never be recovered.”
There is also a possibility the value of the cryptocurrencies held in the wallets might keep surging if Bitcoin price continues to rise in coming years.