I think we are wildly underestimating the long run purchasing power of bitcoins. Everyone is using comps like global M2 money supply or gold, but bitcoin inherently enjoys a much higher marginal propensity to hold it as a cash balance, even at post-hyperbitcoinization equilibrium

Fiat money supplies (M2) are artificially low because everyone wants to hold as little as possible due to "mild" inflation - they’re a too conservative comp for Bitcoin.

Gold has a supply problem, everytime the price goes up, miners can increase their cost and create more. No halvings, no difficulty adjustment. So gold is a too conservative comp as well.

It’s anybody’s guess how valuable bitcoins get.

My intuition is that even the most bullish predictions are too low. That& #39;s why I like the s2f model, it helps me moderate my completely ridiculous future value expectations to something more reasonable.