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Cryptocurrency analyst Willy Woo defended Bitcoin’s (CRYPTO: BTC) scarcity thesis on Wednesday, arguing that its price appreciation over the years is a testament to its demand.
Woo responded to an X post by Matteo Pellegrini, CEO of the Bitcoin-focused social networking app Club Orange, arguing that Bitcoin is not scarce but finite.
Woo said that scarcity is defined by a “limited supply relative to demand,” a condition Bitcoin fulfills.
“You can gauge it by price appreciation from 0.01 cents to $100,000 over 16 years. It became scarce along this journey because of demand,” Woo emphasized.
Pellegrini then asked if applying price appreciation logic made Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) also scarce.
“Yes in relative terms. Scarcity in these networks are demand driven given the supply is mainly fixed,” Woo said.
Bitcoin has a programmed hard cap of 21 million coins and a predictable, decreasing issuance rate through periodic halving events.
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
The discussion around Bitcoin’s scarcity has been ongoing. Economist Peter Schiff questioned the exclusivity of Bitcoin's finite supply earlier this year, arguing that anyone with a Solana blockchain could create a digital asset with a fixed supply.
However, some users refuted these arguments, stating that fixed supply works well only with sufficient decentralization.
Price Action: At the time of writing, BTC was exchanging hands at $91,203.04, up 0.09% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
