Introduction Bitcoin Stock-to-Flow (S2F) model was published in March 2019 [1]. The model has been well received by bitcoiners and investors. The S2F model also received critique. The best steel man argument against the model comes from the Efficient Market Hypothesis (EMH). The argument states that the model is based on…

Introduction Satoshi Nakamoto published the bitcoin white paper 31/Oct 2008 [1], created the bitcoin genesis block 03/Jan 2009, and released the bitcoin code 08/Jan 2009. So begins a journey that leads to a $70bn bitcoin (BTC) market today. Bitcoin is the first scarce digital object the world has ever seen. It…