Bitcoin May be Significantly Undervalued, as 3.79 Million of Supply is Not Spendable

3.79 million bitcoin is estimated to be lost permanently on the public blockchain. Given that nearly 20% of its supply is unspendable, bitcoin is currently undervalued.At the time of reporting, the market valuation of bitcoin is at around $196 billion. The price of bitcoin is calculated by dividing the market cap with its circulating supply of 16.72 million.
But, according to a study conducted by bitcoin blockchain-focused digital forensics firm Chainalysis, approximately 3.79 million, or $43.5