Issuance rate of [specific digital currency] drops below that of gold

Bitcoin’s recent halving event has sparked a lot of interest in its comparison to gold in terms of scarcity, according to analysts at Glassnode. This event marked a historic moment where Bitcoin’s issuance rate dropped below that of gold for the first time, signaling a significant shift in the narrative around these two assets. The halving event reduced block subsidies, resulting in a decrease in Bitcoin’s issuance from 6.25 BTC to 3.125 BTC per block. This translates to approximately 450 bitcoin being issued per day, highlighting the impact of the event on Bitcoin’s supply dynamics.

Yassine Elmandjra from ARK Investment Management shared similar sentiments, noting that Bitcoin’s issuance rate post-halving is now lower than the long-term supply growth of gold. Elmandjra’s analysis, featured in the ARK Disrupt newsletter, emphasized the substantial decrease in Bitcoin’s supply growth following the halving event, further reinforcing the comparison to gold. Glassnode analysts also supported Elmandjra’s observation regarding the reduction in Bitcoin’s supply growth.

However, they suggested that the impact of halving events on Bitcoin’s available traded supply may diminish over time due to the asset’s expanding size and ecosystem. These assessments provide valuable insights into the evolving dynamics between Bitcoin and gold, highlighting Bitcoin’s increasing scarcity compared to the traditional precious metal.

As of now, Bitcoin’s price has dropped 2.5% and is currently below $65,000.