19.8 million of the 21 million $BTC (94%) have already been mined and are claimed by someone.

That leaves the remaining 6% for late adopters to scramble for, or bid the BTC price high enough to convince existing holders to sell.

Since the 2024 halving, the new coin supply is only 450 BTC per day ($39M), which a single entity, like $MSTR, could easily absorb on its own.

We now also have nation-states, Bitcoin treasury corporations (in fixed-income markets), and ETFs as new constant sources of demand for scarce Bitcoin.

In my opinion, the case for a Bitcoin supercycle has never been clearer.