Strong inflation from HBD?
With 23M HBD in circulation we experienced massive deflation as we moved from under 5M HBD in circulation to 23M. The more demand we can get for HBD the more deflationary Hive will get. I think we've been 23M HBD for a while there hasn't been a lot of conversions either way.
Since September we have inflation. Credit to @penguinpablo
As I just said, this information is extremely misleading.
There are 23M HBD in circulation.
This is almost twice as much HBD in circulation as the 13M peak in 2017.
We were down to a couple million HBD at one point.
Clearly, that's DEFLATIONARY.
You've chosen a short timeline and completely ignored the Hive >> HBD conversions.
This is not inflation.