I just started thinking about what really determines the value of an asset in the market. Turns out, the most fundamental factor is scarcity—and the characteristics of scarcity can be measured accurately.

There's an interesting metric called Stock-to-Flow that is actually quite powerful for comparing different assets. The concept is simple: take the total existing supply, divided by how much is produced each year. The higher the result, the harder it is to dilute that supply.

Now, looking at the 2026 situation, the results are quite eye-opening. Bitcoin shows a ratio of around 121—that's an unprecedented achievement for any asset. Gold remains solid at 70, and silver at 25. These numbers indicate very different scarcity characteristics among the three assets.

What’s interesting is that although gold has long been respected as a classic store of value "hard money" for centuries, Bitcoin has surpassed that in terms of programmed scarcity. Its fixed and decreasing issuance schedule over time has taken Bitcoin to a completely different level from traditional assets.

This isn’t just a number—it's about how blockchain technology can create scarcity that is truly immutable and verifiable. If you haven’t been paying attention to this trend, it might be worth starting to track the S2F ratio as one of the fundamental indicators.