I recently checked the on-chain data of Bitcoin, and now the circulating supply has approached 20.01 million coins, which is not far from the total supply of 21 million. Based on the current mining speed, it will take 114 years to produce the remaining 1 million Bitcoin, which is a bit of an exaggerated time span.

Thinking about Bitcoin's halving mechanism, it occurs roughly every four years. This is also why Bitcoin's supply growth slows down increasingly, and the output rate in later stages can be almost ignored. In other words, the true scarcity is gradually becoming apparent.

From this perspective, Bitcoin halving is not only part of the technical design but also reflects the asset's inherent scarcity property. When most of the supply is already in circulation, each halving means further compression of new supply. This also explains why many people are long-term bullish on Bitcoin—the supply-side constraints are firm.