Scarcity
Fixed maximum supply of 21 million Bitcoin, impossible to alter under the current protocol.
Definition
Scarcity is Bitcoin's fundamental monetary property: the protocol caps total issuance at 21 million BTC, with an emission curve that decreases at every halving and an asymptotic end around the year 2140. This programmed scarcity, verifiable by any node, is the central investment thesis of corporate treasury companies: unlike fiat money, whose supply is discretionary and ever-growing, Bitcoin offers an asset with a transparent and non-negotiable monetary policy. Bitcoin's stock-to-flow has surpassed that of gold since the 2024 halving.
In Context
After the 2024 halving, Bitcoin's annual issuance is ~0.85%, lower than that of mined gold.
Mentioned in
- BlogHow to protect company cash from inflation (and why Bitcoin enters the conversation)
- BlogStandard 21 and the birth of the corporate Bitcoin ecosystem in Spain
- BlogHalvings, programmed scarcity and price: Bitcoin's deflationary mechanics explained
- BlogStrategy's perpetual preferreds: fixed income with indirect Bitcoin exposure
- BlogBTC Yield: the metric redefining how we measure a company's value
- BlogThe Michael Saylor playbook: why companies are converting their cash into Bitcoin
Explore more on SatsIntel
From the concept to the real dataTreasuries directory
Companies applying this concept on their balance sheets. Holdings, mNAV and live ranking.
Ver sección →mNAV calculator
Check whether a treasury trades at a premium or discount to the Bitcoin on its balance sheet.
Ver sección →Treasury stress test
What happens to each company's balance sheet and debt under a -50% or -80% drawdown.
Ver sección →More glossary terms
60 definitions from the corporate Bitcoin ecosystem: protocol, metrics, regulation.
Ver sección →Read this term in Spanish: versión en español →
Corporate Bitcoin, explained every week
Definitions, data and analysis on treasuries, ETFs and preferreds in your inbox. No spam.