The Bayern LB is a german state-owned bank.
Their research unit recently published a report titled Megatrend Digitalisierung.
- "an asset with a high stock to flow ratio (like gold) is said to be hard"
- "Historically, assets with the highest stock to flow ratio have always been always used as money, as it enabled the best value transfer over time"
- "Bitcoin was engineered to be harder than gold".
eventually (better late than never)...they notice the strong correlation of Bitcoin's stock-to-flow ratio with its market capitalization. Their model predicts a price of $90,000 following the halving in May 2020.