A recent discussion emerged when an X user pointed out conflicting XRP supply figures from two leading platforms:
Schwartz addressed the confusion, stating that the definition of circulating supply depends on what is considered “in circulation.” He compared it to Bitcoin, asking:
"Are Satoshi’s bitcoins circulating? Reasonable people can even disagree on which bitcoins are Satoshi’s."
The analogy is relevant as Satoshi Nakamoto is believed to own over 1 million BTC, untouched since Bitcoin’s early days. While these coins exist on-chain, many argue that their inactivity effectively removes them from circulation.
According to CoinMarketCap, Bitcoin’s current total and circulating supply stands at 19.81 million BTC, with a maximum cap of 21 million BTC. Meanwhile, Ripple’s XRP holdings include locked escrowed XRP, set to be released monthly over the next 42 months.
Schwartz’s response highlights how circulating supply remains a subjective measure, influencing market perceptions of scarcity and value.