Agree total supply of 21M is not up for debate but logistics, in my opinion, are more up for debate than people think. My wild prediction is when we hit $100k+ BTC then way more people lever up their stack way more than people now think(e.g. lots of big leveraged loans), then the next big 60-80% bear market those people all get margin called, and we get the biggest avalanche of selling we’ve ever seen. Not my base case, but I think it’s got a solid 25% chance of happening in the next 2-3 years. We can’t get too complacent and need to promote a culture where we don’t risk our stacks.

Further more and more L2 liquidity increases BTC velocity and will increase the speed at which people can sell.