I see models like this and I think to myself this is a good model for people who want to believe that things are orderly and quantifiable.

But the truth is that none of these models can predict demand and Bitcoin can go to a million practically overnight.

This or something like it is probably the base case, but what if bitcoin goes through a phase transition?

My gut feeling is that there’s some inflection point out there that causes a rapid hyperbitcoinization to occur.

We just don’t know what the inflection point is, so we’re guessing and feeling around in the dark. But my guess is that it’s out there up ahead somewhere.

Models like this will work until they don’t anymore.