UK’s Largest Newspaper reports on Bitcoin's limited supply

The Sun, the most popular newspaper in the UK, recently published an article on Bitcoin’s limited supply for its 33 million readers. The report notes that 85% of all BTC has been mined and even includes a viral tweet by popular crypto trader “Rhythm,” who said: “scarcity is about to kick in.”

The Sun also analyzed Bitcoin’s stock-to-flow ratio:

“Previous analyses have suggested that the coin’s value could jump as it becomes more scarce over time. Trusted crypto-analyst PlanB recently calculated that the coin could ten times its current worth to around £82,000 per Bitcoin by March 2020.

Others are less optimistic and argue that a recent value boom fed by Facebook’s announcement that it is creating its own cryptocurrency will taper off by 2020.”

Stock-to-flow is a metric used to forecast the price of assets like gold. When this is applied to Bitcoin, it indicates that BTC’s faltering supply could trigger a rally and spike the pice up to $1 million in less than a decade.

A Twitter account going by “PlanB” tweeted:

"This is becoming scary: using Oct instead of Dec data, Stock-to-Flow model fit improves to 99.5% R2! Model error was mainly caused by Nov2013 and Dec2017 ATH, so sampling without ATH gives less noise. Predicted #bitcoin prices increase: $100K (2020+), $1M (2024+), $10M (2028+)..."

BTC/USD daily chart

Currently, the price of BTC/USD has fallen from $11,850 to $11,656 this Tuesday. BTC/USD has had seven straight bullish sessions, wherein the price went up from $9,500 to $11,850, charting a 25% increase in valuation. The price is trending above the 20-day simple moving average (SMA 20), SMA 50 and SMA 200 curves.