Just compared the scarcity metrics of the main assets, and the results are quite intriguing to ponder. It turns out that the scarcity characteristics of an asset can be precisely measured using the Stock-to-Flow ratio—basically, we divide the total existing supply by how much is produced per year.

The result? Bitcoin is currently at an unprecedented level. The number reaches approximately 121, far surpassing gold at around 70, and silver is even further behind at about 25. The higher the ratio, the harder it is to flood the market with new supply.

What’s interesting is this fundamental shift. Gold has been the standard store of value for thousands of years, but Bitcoin, with its programmed supply schedule, has created a different dynamic. The scarcity characteristics of Bitcoin are not just about the numbers—it's about how the protocol mechanisms ensure that scarcity is permanent and unmanipulable.

If this trend continues, we are witnessing a paradigm shift in how humanity defines "hard money." Something worth watching in the coming years.