#BullishIPO In the Update Bulletin No. 66 published on August 15, 2025, Edwards wrote that since the halving in April 2024, the annual supply growth rate of Bitcoin has decreased to about 0.8%, "not even half of the 1.5-3% level of Gold," adding that this change has "made Bitcoin the hardest asset known to mankind, with certainty about the future."

With the new supply released by miners now just a rounding error compared to total demand, the sharp crashes caused by miners in previous cycles increasingly resemble relics of a bygone era. "In short - the main driver behind the 80-90% drops in previous Bitcoin cycles is no longer there."