Exactly!
Except it’s not an assumption, it’s the mathematical reality of a finite scarce asset, becoming infinitely more scarce.
This chart shows that the average multiplier for BTC has was 2.6X over the past 5 years.
I explain more in this video, where I run the numbers on multiple hypothetical scenarios. https://m.youtube.com/watch?v=vaVUC2Kq-sE 
There's an assumption that what has happened in the past will also happen in the future.
As more people understand Bitcoin better, the ability to meet new demand from existing supply is hampered.
I would expect that the multiplier effect only increases with time & bitcoin adoption.
∞ / 21M
Agreed! That was the argument I made in this video. https://youtu.be/vaVUC2Kq-sE
