Up to 18% of Bitcoin is lost. How much more will vanish?

Everyone talks about Bitcoin’s fixed 21 million supply, but it blows our mind that Bitcoin is effectively hyper deflationary.

Somewhere between two and four million BTC are already gone forever, lost to forgotten keys, dead hard drives, and wallets that will never move again. Those coins are effectively burned.

At the same time, new Bitcoin issuance keeps dropping every four years. Fewer new coins coming in, more coins permanently falling out of circulation.

Is deflation priced in?