Bayerische Landesbank about Bitcoin and “hard” money

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.

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