Could Bitcoin Really be Heading to $288k? With Plan₿ - WBD219
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 1 May 2020
⏱️ 65 minutes
🧾️ Download transcript
Summary
Location: Zoom Date: Wednesday 29th April Project: Independent Trader Role: Bitcoin Quant Analyst
Plan₿'s Stock-to-Flow model was warmly received by many in Bitcoin. The chart gave context to price action around halvings, validating the importance of scarcity. The S2F model does have critics, and with the third halving approaching, some had questioned whether the reducing subsidy drive price.
The halving is one of the most significant events in the Bitcoin calendar. Every 210,000 blocks (~4 years) the block subsidy issued to the miners reduced by half. Initially, the block reward was 50BTC, now 11 years later on approximately May 12th, we will have the 3rd halving taking the block reward from 12.5BTC to 6.25BTC. By the end of this reward period on May 12th, 87.5% of all Bitcoin will have been mined.
Satoshi implemented the halving as a way of controlling inflation, front-loading the rewards to kick start the protocol. Dan Held stated that halvings are a viral marketing loop which creates awareness.
Historically, the Bitcoin price in the weeks and months following the halving has seen significant moves to the upside, with supply cut in half Bitcoin becomes more scarce and demand may increase.
The Stock-to-Flow model tracks the scarcity of an asset and following the halving the stock to flow ratio of Bitcoin will rise from 25 to 50, meaning it would take 50 years for miners to mine enough Bitcoin to match the current Bitcoin supply, at the current level of issuance. When applied to non-digital assets such as gold and silver, stock-to-flow becomes a benchmarking tool.
Plan B identified a flaw in the model, the overreliance on time. In the latest version of his model, Bitcoin Stock-to-Flow Cross Asset Model (S2FX), time is removed, and other assets such as gold and silver are added. The new model includes a significant change, Phase Transitions, which identifies that the properties of an asset can change. These changes in the properties of Bitcoin, for example maturing from digital cash to digital gold, identify why the market for the asset grows; thus, there is increasing demand.
In this interview, I talk to Bitcoin Quant Analyst & creator of the popular stock to flow model, Plan₿. We discuss his new S2FX model, the upcoming Bitcoin halving, predicted price action and the impact on miners.
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Transcript
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| 0:00.0 | This thing is not a toy anymore and it's not a maybe not an asset anymore as well. |
| 0:06.4 | It's going to be much bigger than that. |
| 0:08.4 | Hello there from Bedford how are you all welcome to the What did podcast, which is brought to you by Krakhan, |
| 0:14.8 | the best place to buy, sell and trade Bitcoin. I'm your host Peter McCormack, and today I've got Mr Plan B back on the show to talk to you about his latest and updated version of his |
| 0:24.8 | S2F model S2FX but before that I do have a message from my amazing sponsors |
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