@abucci@anthony.buc.ci I think you’re probably right. What I think I meant, after some more Googling, is that commodities tend to be valued through the lens of the stock-to-flow model 1. And the stock-to-flow model seems to have pretty strong explanatory power for tracking how Bitcoin appreciates 2. I believe that Bitcoin is effectively a commodity and the nature of its stock-to-flow ratio will make it such that it will tend to appreciate over long periods of time. (More stock converging towards a fixed value with an ever shrinking flow [newly minted bitcoin].) This is in contrast to fiat money which has been consistently losing value, due to inflation. Thank you. This has shown me that I need to do some more research to understand the distinction better.