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I don't disagree with what you say, but it's sort of irrelevant to the point I was making - which is that the "market cap" includes coins that (almost certainly) cannot ever be moved or spent, and hence worrying about the market cap and what happens to the "money" when it goes to zero is rather pointless.
tertius-
To an extent, the price takes into account missing coins / lost keys. Not perfectly, because who knows if a wallet that has been dormant for 10 years is lost or hodl?
Saylor said recently that he planned to have his keys destroyed on his death, as his gift to every other coin holder by increasing the value of their coins proportionately.
frank9755
£600m is nothing really. It's about 0.7% of the 24h trading volume of BTC. You could realise those coins over the course of a few weeks with very little movement on the price. In the last 24h 6% of the market cap of BTC was traded. More than likely you could arrange a direct deal with someone like MSTR or some other whale who wants to get into BTC.
Satoshi's coins are another matter completely, any movement on any of those early wallets would be picked up almost instantly by a lot of people who would take action based on that.
James Howells had 8,000 BTC. Satoshi has ~125 times that many (1,000,000).