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According to the blockchain technology-based platform CoinPoker, residents of the UK may possess billions of dollars in the largest cryptocurrency globally.
CoinPoker referenced its research indicating that individuals in Britain hold as much as £34 billion in unaccounted Bitcoin (BTC).
This amount is equivalent to $45.32 billion.
Furthermore, it asserts that approximately 720,000 BTC remains unaccounted for within the UK alone.
The report also referenced data from the World Population Review, which indicated that the UK currently possesses 18% of the global cryptocurrency market.
“Some popular coins utilized in the UK include Litecoin, Ethereum, and Bitcoin,” it states.
Source: worldpopulationreview.com
Analyst David Bartram noted, “with a significant portion of the global Bitcoin supply held by UK residents, there is certainly a substantial amount of money that remains unaccounted for.”
Based on the aforementioned figures, the report reached several conclusions:
- between 540,000 and 720,000 BTC is unaccounted for in the UK;
- between £25 billion and £34 billion in BTC is unaccounted for in the country;
- at the current exchange rate, potentially “tens of billions” in lost BTC may be absent from the British economy.
Consequently, CoinPoker concluded, “as the cost of living continues to rise, some Brits may be sitting on a considerable fortune.”
Bartram remarked that some of this wealth may never be retrieved.
However, he suggested that “it’s certainly worthwhile for individuals to search through old hardware and attempt to recall passwords if they have ever owned Bitcoin.”
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We Don’t Know ‘How Much is Out There’
Globally, approximately 3 million—possibly even 4 million BTC—are unaccounted for—simply residing in wallets with forgotten passkeys, on damaged hardware, or at incorrect addresses.
These are the coins that many believe will likely never be recovered.
Blockchain analytics firm Chainalysis discovered that as of 2020, 3.7 million coins were lost.
In a similar vein, an earlier analysis by Unchained estimated that around 3–3.8 million BTC are indeed lost.
This represents approximately 14%-20% of the total supply of the coin.
One notable case is that of James Howells, a computer engineer from Newport, UK.
He claimed that in 2013, while cleaning his house, he accidentally discarded a hard drive containing an impressive 7,500-8,000 BTC.
At current prices, this equates to $478.2 million–$510 million.
Despite his numerous appeals, however, the Newport council, which manages the landfill, has consistently denied Howells permission to excavate the site, citing environmental and other concerns.
Lost Crypto Fortunes #1: The Tale of James Howells
James Howells made a mistake that haunts him to this day.![UK Residents Hold $45.3 Billion in Overlooked Bitcoin1]()
In 2013, this IT worker from Wales accidentally threw away a hard drive containing 7,500 BTC.
At today’s prices, that’s worth millions!
Howells had mined the… pic.twitter.com/8B6Us2ASSA— Blockchain Press Media (@itsbpmofficial) July 23, 2024
Meanwhile, the total market capitalization of all cryptocurrencies currently stands at $2.36 trillion.
Thus, the global value of all missing crypto is “likely far higher,” Bartram stated. “We may never know just how much is out there.”
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