Why Bitcoin's price must go up over time. A thread.
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All market prices tend towards equilibrium, where buy pressure (new demand) matches sell pressure (new supply)

The Bitcoin network itself "sells" new bitcoin in exchange for electricity spent on hashpower.

Therefore Bitcoin's price finds equilibrium when [value of savings inflow] == [Bitcoin awarded for electricity spent securing the network]

Every 4th year, half as much Bitcoin is awarded for the same amount of electricity. If the savings rate (inflow) remains constant, the value of Bitcoin must double every four years.

Because of these properties, Bitcoin can neither fall behind nor get ahead of itself. There are spikes and dips, but the energy value always reverts to the savings rate times the scarcity ratio.

As Bitcoin hardens, and the scarcity ratio increases, *humanity is able to store more total value* This is why Bitcoin is such a radical invention, on par with the printing press and the internet.

Gold inflates about 2% per year. The "stock" (existing supply) is 50x the "flow" (annual dilution), which allows people to store about ~50x the annual savings rate.

In 2024, BTC inflates 1%/yr and will store 100x the annual savings rate

In 2040, BTC inflates 0.0625%/yr and will store 1,600x the annual savings rate

In 2080, BTC inflates 0.00006%/yr and will store 1,638,400x the annual savings rate

Over time this improves bitcoin savers' ability to store value by multiple orders of magnitude.

The moon is programmed.