The Hardest Money Index: Stock-to-Flow Ranking of Bitcoin, Gold, Silver and the Dollar

Bitcoin’s hardest-money argument does not need slogans.
It needs arithmetic.

After the April 2024 halving, Bitcoin’s block reward fell to 3.125 BTC. With roughly 144 blocks produced per day, annual new issuance is about 164,250 BTC.
Against a circulating supply near 19.85 million BTC, Bitcoin’s stock-to-flow ratio is roughly 121.

Gold’s estimated stock-to-flow ratio is around 62.
Silver’s is around 22.
The US dollar does not have a comparable fixed stock-to-flow ratio because there is no hard cap and no fixed issuance schedule. M2 supply expands or contracts based on monetary policy, credit conditions and institutional decisions.

That is the core difference.

Bitcoin’s supply schedule is fixed in advance.
Gold’s supply is constrained by geology.
Silver’s supply is shaped by mining and industrial demand.
The dollar’s supply is discretionary.

But there is an important distinction.
Stock-to-flow is a scarcity metric. It is not a price guarantee.
The PlanB stock-to-flow price model tried to turn scarcity into specific Bitcoin price forecasts, and that model has not held up reliably since late 2021.

That does not invalidate the stock-to-flow ratio itself.
It only proves that supply scarcity alone cannot predict price without demand, liquidity, regulation, adoption and macro conditions.

The stronger Bitcoin argument is narrower and more credible:
Bitcoin combines a high stock-to-flow ratio, a 21 million hard cap, predictable issuance and resistance to authority change in a way no other major monetary asset does.
That is not a meme.
It is measurable.

Read the full breakdown on Decentralised News:
https://decentralised.news/hardest-money-index-bitcoin-gold-silver-dollar-stock-to-flow

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