Why Bitcoin’s scarcity argument doesn’t change with gold’s price

Cathie Wood argues that Bitcoin’s core thesis remains intact even as gold appreciates. The distinction isn’t performance in any single year, but how supply responds to demand.

Gold supply is elastic. Higher prices incentivize more mining, which gradually increases available supply. Bitcoin, by contrast, is capped. No matter how strong demand becomes, the supply schedule doesn’t change.

That difference is structural, not narrative. Over time, assets with inelastic supply behave very differently under sustained demand.

Do you think scarcity will matter more as macro conditions evolve… or does store-of-value competition stay open?

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