The Scarcity Story: It’s Not Just Hype

By 2032, Bitcoin’s annual issuance drops from 0.8% to 0.2%. That’s basically monetary starvation compared to fiat’s all-you-can-print buffet. Already, 94.8% of all $BTC is in circulation, and roughly 70% hasn’t moved in a year. HODL culture isn’t just a meme; it’s a structural bottleneck.

As Bitwise bluntly puts it:

“The inelastic supply of $Bitcoin, combined with continued demand growth, is the single most important driver of our long-term assumptions.”

Translation: no matter how high the price goes, miners can’t — and won’t — turn the spigot faster.