Bitcoin’s fixed supply is a feature, not a flaw—just ask its earliest adopters, who watched it trade at $0.003 in 2009. The next halving in 2024 will further tighten issuance to ~1.7% annual inflation, a rate already lower than gold’s stock-to-flow ratio at its peak. Whether that supply shock translates to price appreciation depends on demand elasticity, which remains speculative given Bitcoin’s untested role as a neutral global asset. The market’s reaction so far suggests some are pricing in that scarcity, but correlation isn’t causation.