Interesting, when you take it to the limit and I agree about the trend. However, there always be a market for Bitcoin vs other things. And at times, when there is less of a need for a finite asset, the value of BTC vs some other things will decline.

One thing I’m pondering is how the velocity of BTC and savings rate in Bitcoin will play into this. i.e. in positive times the velocity of money (BTC) should go up and savings rate should go down because people will want to hold as many productive assets as possible. In those times I’d think the value of BTC will decline relative to “investments”.

But yes, you’re right the long term trend should be up.

Mind-boggling.

Thanks