{"id":108562,"date":"2021-01-15T19:08:41","date_gmt":"2021-01-15T19:08:41","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108562"},"modified":"2021-01-15T19:08:41","modified_gmt":"2021-01-15T19:08:41","slug":"mike-novogratz-doesnt-think-people-will-lose-their-crypto-passwords-in-the-future","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/mike-novogratz-doesnt-think-people-will-lose-their-crypto-passwords-in-the-future\/","title":{"rendered":"Mike Novogratz Doesn't Think People Will Lose Their Crypto Passwords in the Future"},"content":{"rendered":"

Recently, Live Bitcoin News<\/em> put out a story discussing how many people have potentially lost their passwords and thus cannot access the mega bitcoin stashes they\u2019ve collected over the years. According to billionaire investor and former hedge fund manager Mike Novogratz, this isn\u2019t likely to occur again anytime soon.<\/p>\n

Mike Novogratz: When the Price Is This High, People Won’t Forget<\/h2>\n

One of the big problems with bitcoin and crypto in general is that it can be easy to lose one\u2019s login information, especially for complicated wallets that require two-factor authentication or multiple devices to gain access to one\u2019s money. In the recently published story, we discussed a man who had a hardware wallet known as Iron Key that permitted ten attempts to enter one\u2019s password. Granted the person failed all those times, the contents would become encrypted and locked up forever.<\/p>\n

Right now, there are a little more than 18 million bitcoin units in circulation, though it is estimated that as many as three million may have been lost for good thanks to missing or forgotten login data. Novogratz is confident that there won\u2019t be any more bitcoins added to this forgotten world thanks to the asset\u2019s extended price.<\/p>\n

At the time of writing, bitcoin has shot back up to $39,000, which in turn is a small dip from $40,000. Either way you look at it, the currency has seemingly returned to form and is once again entering the bullish territory so many people have come to know and expect in recent months, and its latest drop to $33,000 was likely a fluke of sorts.<\/p>\n

Thus, many people are likely to want to take advantage of this high price and won\u2019t want their money compromised. Therefore, they\u2019re likely to remember their passwords and login data with general ease, according to Novogratz, and he thinks the days of losing bitcoins for this reason are long gone.<\/p>\n

In a recent interview, he comments:<\/p>\n

\n

Our estimate is three million were lost. When bitcoin was one cent or four cents or 20 cents, people didn\u2019t take it that seriously. Most of the lost bitcoins aren\u2019t happening today\u2026 They happened right at the early onset of this thing.<\/p>\n<\/blockquote>\n

People Want to Be Rich<\/h2>\n

At the end of the day, he states that while bitcoin was initially created to be a payment currency and is now seen as a store of value, many people still utilize it for speculative reasons, and are thus investing in BTC because they\u2019re eager to make lots of money. He mentions:<\/p>\n

\n

No one\u2019s losing bitcoin anymore\u2026 One reason I never thought bitcoin would be a currency \u2013 fixed supply currencies don\u2019t work. They\u2019re too easily squeezed. They go up in price as more and more people enter the ecosystem. We don\u2019t want to buy shoes one day with something that\u2019s worth one dollar and worth two dollars the next day.<\/p>\n<\/blockquote>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Recently, Live Bitcoin News put out a<\/p>\n","protected":false},"author":3,"featured_media":108561,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"\nMike Novogratz Doesn't Think People Will Lose Their Crypto Passwords in the Future - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/mike-novogratz-doesnt-think-people-will-lose-their-crypto-passwords-in-the-future\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mike Novogratz Doesn't Think People Will Lose Their Crypto Passwords in the Future - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Recently, Live Bitcoin News put out a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/bitcoin\/mike-novogratz-doesnt-think-people-will-lose-their-crypto-passwords-in-the-future\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-15T19:08:41+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/ccryptafotocnn-novogratz.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/bitcoin\/mike-novogratz-doesnt-think-people-will-lose-their-crypto-passwords-in-the-future\/\",\"url\":\"https:\/\/precoinnews.com\/bitcoin\/mike-novogratz-doesnt-think-people-will-lose-their-crypto-passwords-in-the-future\/\",\"name\":\"Mike Novogratz Doesn't Think People Will Lose Their Crypto Passwords in the Future - 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