According to @danheld, the core bet is unlimited fiat supply competing for a fixed 21 million BTC, putting Bitcoin’s programmed scarcity at the center of the trade thesis. Source: @danheld (X, Dec 11, 2025). Bitcoin’s maximum supply is hard-capped at 21 million by consensus rules, with issuance reduced via halvings every 210,000 blocks until roughly 2140. Source: Bitcoin.org Developer Guide and BIP-42 (Bitcoin Core). Fiat money supply is elastic and can be expanded by central banks through tools like asset purchases and lending facilities, affecting purchasing power via policy and credit growth. Source: Board of Governors of the Federal Reserve System education resources and IMF monetary policy primers. For trading, a fixed BTC supply means marginal demand from regulated vehicles such as US spot BTC ETFs can have outsized price impact when liquidity expands. Source: U.S. SEC approval of spot Bitcoin ETFs on Jan 10, 2024 and related SEC orders. Effective tradable float may be lower than 21 million due to provably lost or long-dormant coins, reducing immediate market supply. Source: Chainalysis estimate of 2.78 to 3.79 million lost coins (2017 report). Key liquidity indicators traders monitor for BTC risk exposure include global M2 growth, USD strength via DXY, and U.S. real yields from TIPS. Source: World Bank Broad Money (M2) dataset, ICE U.S. Dollar Index methodology, and U.S. Treasury real yield data. Research frameworks emphasize liquidity and real yields as major drivers of Bitcoin performance, supporting process-driven entries and sizing beyond narratives alone. Source: Fidelity Digital Assets Bitcoin First (2022) and ARK Invest Bitcoin Monthly research.

According to @ItsDave_ADA, only Bitcoin (BTC), Cardano (ADA), and XRP in the top 10 have a hard supply cap and thus fixed digital scarcity, while Solana (SOL) is inflationary, implying capped assets can compound value as demand rises. Source: https://twitter.com/ItsDave_ADA/status/1966946060598935669 Bitcoin’s supply is hard-capped at 21 million with programmed halvings that cut new issuance roughly every four years, limiting structural dilution. Source: https://bitcoin.org/en/faq Cardano’s ADA has a fixed maximum supply of 45 billion, with staking rewards emitted from reserves until the cap is reached, reinforcing a capped-supply profile. Source: https://iohk.io/en/blog/posts/2020/08/13/the-monetary-policy-of-cardano/ XRP’s total supply was created at genesis at 100 billion and cannot be increased, with small reductions from transaction-fee burns, confirming a non-inflationary supply. Source: https://xrpl.org/xrp.html Solana employs an inflation schedule that started near 8% annually and decays by 15% per year toward a long-term 1.5% rate, indicating no hard cap. Source: https://docs.solana.com/cluster/inflation However, BNB also enforces a maximum supply of 200 million with ongoing auto-burns targeting a 100 million terminal supply, so capped-supply designs extend beyond BTC, ADA, and XRP. Source: https://www.binance.com/en/bnb Trading takeaway: capped-supply assets reduce dilution from new issuance, but circulating float still changes via mechanisms like ADA reserve emissions and XRP escrow releases, which can affect short-term supply overhang and price elasticity. Source: https://iohk.io/en/blog/posts/2020/08/13/the-monetary-policy-of-cardano/ and https://ripple.com/insights/quarterly-xrp-markets-reports/