The fourth halving has drawn significant attention to its comparison to gold in terms of scarcity, as noted by Glassnode analysts.
The event marked a historic moment when the bitcoin (BTC) issuance rate fell below gold for the first time, highlighting a key shift associated with the two assets.
Halving led to a reduction in blockchain subsidies: issuance fell from 6.25 BTC to 3.125 BTC per block. This corresponds to an issuance of approximately 450 bitcoins per day, further emphasizing the event’s impact on bitcoin supply dynamics.
Yassin Elmanjra of ARK Investment Management echoed similar sentiments, noting that bitcoin’s post-halving bitcoin issuance rate is now lower than gold’s long-term supply growth.
According to analysis published in the ARK Disrupt newsletter, bitcoin’s supply growth rate has fallen significantly since the halving, highlighting its similarities to gold.
Glassnode analysts confirmed ARK Investment Management’s observations regarding the slowdown in bitcoin supply growth. They suggested that while halving events continue to impact bitcoin’s available trading supply, this impact may diminish over cycles due to the asset’s expanding size and ecosystem.
Such estimates provide valuable insight into the dynamics of the relationship between bitcoin and gold, shedding light on bitcoin’s growing scarcity relative to the traditional precious metal.
