Part 10/14:
Studies comparing Bitcoin’s stock-to-flow with gold show an unprecedented acceleration in Bitcoin’s scarcity. Historically, gold’s stock-to-flow has hovered around 50 years, but Bitcoin has achieved a 120-year ratio in just 14 years, set to surpass 200 years after the next halving cycle. Gold supply, by contrast, continues to expand, diluting its scarcity value over time.