This assumption held more validity in the earlier days when there was a larger supply of btc left to be mined.
People refer to this as the theory of expanding cycles.
At the time of the next halvening (~May 2024, block 840,000) there will be ~6.25% of the entire btc supply left to be mined and this will be spread out over 116 years, with a declining inflation rate.
The 2024 to 2028 period will see 3.125% of the entire btc supply mined with the annual inflation lowering to 1.88%.
At the start, for the halvening to move from 100% to 50%, this made a massive difference to supply but for the upcoming halvening, we will have already mined 93.75% of the entire btc supply so this halvening makes very little difference to supply.
What is primarily needed for growth now is no longer a reduction of supply but an increase in demand.
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