- Michael Saylor’s take on Bitcoin holders taking their BTC with them after death.
- Why pass keys destruction could contribute to more value in the future.
Picture this, a prominent person who privately owns a lot of Bitcoin unfortunately passes away.
It’s likely that the digital currency (BTC) stored in the deceased person’s personal wallet will disappear permanently if the access keys aren’t retrieved.
Instead, Michael Saylor, MicroStrategy’s chairman, has expressed his support for destroying Bitcoin access keys upon death in a recent interview. Such an action would ensure the Bitcoin held cannot be accessed or retrieved.
In simple terms, Saylor equated the act of destroying one’s Bitcoin (BTC) private keys upon death as a fair share of the total Bitcoin supply contributed by all other BTC holders.
This implies that, upon his death, Saylor may attempt to execute such a transaction using his Bitcoin assets.
Impact of burning private keys for Bitcoin wallets
Saylor’s comment about the destruction of private keys in digital currencies like Bitcoin stems from their inherent rarity. Although the total issuance of Bitcoin is limited to 21 million coins, a significant amount of these coins are believed to be permanently lost.
Particularly when it comes to missing addresses, often resulting from misplaced keychains or the unfortunate passing of the person who held the wallet.
The abandoned bitcoins serve to increase its worth or base price, as they’ll remain stationary for good. Consequently, this scarcity enhances Bitcoin’s value gradually over time.
The current CEO’s comment echoes the Bitcoin pioneer, Satoshi Nakamoto, who holds approximately 1 million Bitcoins mined during the initial stages of the network.
As an analyst, I’ve observed that since the enigmatic individual thought to be the creator of Bitcoin ceased communication, the Bitcoins stored in Satoshi Nakamoto’s wallet have been inactive.
It’s been suggested that Hal Finney might have been the identity behind Satoshi Nakamoto, but he himself refuted these suggestions. Later on, in 2014, he passed away.
As an analyst, I must clarify a common misconception: although Nathaniel Finney was indeed a software developer and cryptographer, he did not found Bitcoin. The misapprehension likely stems from his early involvement in the digital currency scene, but it was Satoshi Nakamoto who is credited with creating Bitcoin.
This significant outcome can be attributed mainly to his active participation in the network’s establishment phase – Finney became the recipient of the very first Bitcoins transacted over the Bitcoin blockchain.
If additional Bitcoin billionaires opt for holding onto their coins instead of cashing out, it’s likely that the minimum market value for Bitcoin will continue to climb higher.
In essence, these coins still being traded online could potentially increase significantly in worth over time.
Read Bitcoin’s [BTC] Price Prediction 2025–2026
Currently, Saylor is holding approximately 17,732 Bitcoins, worth more than 1.7 billion dollars in today’s market. Interestingly, there are fewer than 30 individuals known to be Bitcoin billionaires, according to the most recent information available.
Saylor noted that he wants to leave a legacy of having influenced institutional Bitcoin adoption.
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2025-01-06 08:56