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Bitcoin's ‘Theoretical Infinite' Supply
Veteran technical analyst Bob Kendall said Bitcoin is no longer priced by on-chain scarcity or the fixed 21-million supply.
Once financial layers were added, including futures, perpetuals, options, ETFs, lending products, wrapped BTC, and swaps, Bitcoin effectively lost scarcity at the point of price discovery. Supply can now be synthetically created, making BTC trade more like gold or oil in derivatives-heavy markets.
As a result, Kendall said price is driven by the marginal buyer and the synthetic float, not physical Bitcoin. Large players can create "paper BTC," short rallies, trigger liquidations, cover at lower prices, and repeat the process.
"One real BTC can support multiple claims,"...