Bitcoin has undergone a profound change in its issuance rate that makes it a very different asset than what most people think of it, according to crypto influencer Stack Hodler.

In a tweet yesterday, Stack Hodler explained that 93 percent of Bitcoin’s total supply has already been issued in the first 14 years of its existence. During this time, new Bitcoins were flooding the market as rewards for miners.

However, Stack Hodler argues that in the next 14 years and beyond, new issuance will slow to a trickle — estimated to be less than half a percent of total supply after 2037. This drastically increased scarcity makes Bitcoin a completely different asset.

What you think of as “Bitcoin” is what you have experienced as 93 percent of all Bitcoin that will ever exist was dumped onto the market. […] Bitcoin’s true scarcity hasn’t even kicked in yet.

Stack Hodler

Stack Hodler contends that when new issuance drops from a flood to a trickle, while understanding of Bitcoin’s monetary properties grows, the results will be profound. He believes Bitcoin will become the hardest form of money humanity has ever known. He predicts that even owning 0.1 BTC will be considered a fortune one day, as people begin to understand how scarce it is relative to other assets.

Stack Hodler’s message is that most people underestimate how rare Bitcoin will be, especially as more is permanently lost and large holders refuse to part with their coins. With increased scarcity and demand, Bitcoin’s purchasing power is likely to rise dramatically.

Pricing Bitcoin in infinite fiat will one day seem as ridiculous as pricing an ounce of gold in [shell money user by Native Americans before colonization] Wampum.

Stack Hodler