I just realized one interesting thing about the characteristics of asset scarcity in the market. It turns out that the most fundamental measure to determine the value of something is not hype or sentiment, but how difficult it is to produce that asset.

Here, there's a metric called Stock-to-Flow that’s quite useful for measuring this. The concept is simple — divide the total existing supply by how much is produced per year. The higher the number, the scarcer and the more difficult it is to flood the market with new supply.

What’s interesting is when we look at the ranking of the rarest assets in 2026. Bitcoin ranks at the top with an S2F of around 121 — this is the highest number ever for any asset. Compare that to gold, which is only 70, and silver at 25. This extreme scarcity characteristic puts Bitcoin in a completely different level from traditional assets.

Actually, gold has long been considered a classic "hard money" and the most trusted store of value. But Bitcoin’s programmed production schedule — fixed supply with periodic halvings — has shifted it into an even scarcer category. Gold supply can still increase if new mines are discovered, but Bitcoin? It cannot. That’s an absolute scarcity characteristic.

From an economic perspective, this explains why Bitcoin is increasingly seen as digital gold. Scarcity is king when it comes to value proposition, and from this metric, it’s clear who the winner is.