Extends the Stock-to-Flow model to compare Bitcoin's scarcity with traditional commodities like gold and silver. Places Bitcoin on the same valuation framework as precious metals.
As Bitcoin's Stock-to-Flow ratio approaches and exceeds gold's after each halving, the model suggests fair value should correspondingly increase. Controversial but influential model.
Key US economic indicators including Fed Funds rate, CPI/inflation, employment data, and yield curve. These macro factors significantly influence Bitcoin's price environment.
Compares Bitcoin ETF flows and AUM growth to the historical trajectory of gold ETFs (GLD launch in 2004). Provides context for the pace of institutional adoption.
Compares Bitcoin's returns to US Treasury bonds across various maturities and timeframes. Evaluates Bitcoin as an alternative to fixed income in portfolio construction.
Bitcoin's performance compared to gold over various timeframes. Tracks the BTC/Gold ratio to measure Bitcoin's evolution as a competing store of value.