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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-
increasing the value of their coins proportionately
Would it really do that?
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The "price" does but the "market cap" does not as it is calculated by multiplying the price by the supply. It cannot exclude those "lost" coins, as you say we can't know exactly which are truly lost, but it is clear there is a significant number out there.
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Saylor said recently that he planned to have his keys destroyed on his death
Depends on what they mean by "keys destroyed". Destroying what they think is the only copy of the private key or seed phrase does not irrevocably destroy the coins. But transferring the coins to an invalid address (where no corresponding private key can exist to be able to transfer them on) does "destroy" the coins.
The current estimate is that ~18% of coins in circulation have been "lost" to various degrees. So it's possible to just knock off this percentage from the "market cap" for a less inaccurate measure.
(I agree that the concept of a "market cap" is nebulous, but that doesn't stop it being used widely in the finance world even for normal stocks. Best not to fixate on it too much.)
andyfallsoff
tertius
Greenbank
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.