So, there's 100 coins that represent an abstract value X.
Now there are only 50 coins because 50 were lost. Do they still count as that same value X? What if you can't know how many coins were lost?
Now there are only 50 coins because 50 were lost. Do they still count as that same value X? What if you can't know how many coins were lost?
Bitcoins shouldn't be considered an investment -- the business about hoarding them like taxi medallions because they only go up in value is nonsense. Their value is limited by the low transaction fee for another blockchain. But you're right, you'd have to factor that in if you were actually investing.