GDA’s Executive President highlights unprecedented scarcity as institutional demand accelerates ahead of Bitcoin MENA in Abu Dhabi.
Dubai, UAE, 4 December 2025 — A structural supply squeeze in Bitcoin is redefining the global digital asset landscape, according to Abdumalik Mirakhmedov, Founder and Executive President of GDA, one of the world’s largest Bitcoin mining companies. Speaking ahead of Bitcoin MENA in Abu Dhabi, Mirakhmedov says the amount of Bitcoin actually available for buying or selling is “far smaller than most people realise,” with unprecedented scarcity now taking hold.
This shift, he explains, reflects a powerful combination of institutional accumulation, long-term holding behaviour, and millions of coins permanently lost, creating a market dynamic unlike any previous cycle.
“There can only ever be 21 million Bitcoins, and almost 20 million have already been created,” Mirakhmedov says. “Large investors are removing vast amounts from circulation, while millions more are simply gone forever. This shortage may be one of the most significant supply squeezes in Bitcoin’s history.”
Available supply may be as low as six million coins
According to market analysis referenced by Mirakhmedov, once long-term holders and an estimated 18% of lost coins are accounted for, the actual liquid supply may be closer to six million coins — a fraction of the total network.
He stresses that Bitcoin’s fixed supply remains its defining strength:
“Unlike fiat currencies or commodities, Bitcoin cannot be printed, manipulated, or increased. After the cap is reached, no new supply will ever enter the market. This is what gives Bitcoin its identity as digital gold — and what sets the stage for extreme scarcity.”
Institutional adoption transforming market structure
Mirakhmedov notes that Bitcoin’s market is undergoing a structural transformation, moving away from retail-driven trading toward deep institutional participation. Several key developments are accelerating this shift:
- Spot Bitcoin ETFs: These funds must hold physical Bitcoin, locking billions of dollars’ worth in secure custody and removing them from circulation.
- Corporate and government reserves: Banks, corporates, and national governments — including El Salvador — are increasingly adding Bitcoin to their balance sheets.
- Irretrievable lost coins: Millions of early-era Bitcoins remain permanently inaccessible.
“Institutional players — banks, pension funds, sovereign wealth funds, insurers — are taking a larger role, often with holding strategies measured in decades,” he says. “Once Bitcoin enters these channels, it rarely returns to the open market.”
A shift toward long-term value
Mirakhmedov believes Bitcoin is evolving from a speculative asset into a long-term store of value.
“With dormant coins, ETF holdings, government reserves, and institutional custodians, the amount of Bitcoin you can actually buy is shrinking fast,” he explains. “This is not sentiment or temporary market movement — it is a structural change in how Bitcoin is held and valued. The supply squeeze isn’t coming; it is already underway.”
Upcoming appearance at Bitcoin MENA
Mirakhmedov will join a panel on the role of Bitcoin mining in the global energy transition at Bitcoin MENA on 8th December at ADNEC Center Abu Dhabi. He will speak on the Proof of Work Stage (12:00 pm–12:30 pm) alongside Daniel Jonsson, CEO of mgmt Digital Infrastructure Fund, and Ali Alnuaimi, Founder of Shafra.
