Deflation is produced by technological efficiencies, bumper crops and motherlodes same as with fiat toilet paper funny money. They ride it to squeeze more as the efficiency improves.
Discussion
But I thought Bitcoin has deflation built-in?
deflation is the product of the economy increasing in efficiency and activity
you can't make prices deflate except and only by ceasing to emit new monetary units
bitcoin deflates on a schedule, deflation in general is an economic factor that cannot be controlled by anyone, and anyone who tells you it can is lying to you
No. Until there is a subsidy it can even be considered inflationary. But since the total supply is capped, the 21m is priced in. People losing private keys that can't be retrieved is in a way reducing the amount, but it is insignificant. Satoshi coins are the biggest cut that big bag holders don't want liquidated.