Read on Twitter
today in “language matters” — in the non-BTC world the word inflation generally refers to changes in price levels, and as we have seen that those are not necessarily linked to money supply https://twitter.com/krakenfx/status/1275802107325689856
also if anything matters then it is not the nominal money supply, but the “available” money supply that is not being locked up elsewhere — and fwiw at lot of the increase of the money supply in the real world in recent years was of the locked-up type, contrary to Weimar
this brings us to BTC: true that nominal money supply is constant at 21 gazillion Satoshis. However, because of HODLers (and lost keys) a large proportion of this is also of the inactive “locked up” type
that is to say: active money supply can increase dramatically once HODLers have decided that they not longer want to HODL but that they want to SPEDN
and by the way, whilst we by and large see deflation in the bitcoin world (ie price levels going down; which by the way is generally believed to be a bad thing) we also have seen periods of massive inflation very recently — at one point price levels more than doubled in BTC terms
paging @Frances_Coppola
