Anonymous Dutch analyst PlanB publishes "Modeling Bitcoin's Value with Scarcity" on Medium, introducing the Stock-to-Flow (S2F) model that maps Bitcoin's price to its scarcity ratio. The model predicts dramatically higher prices after each halving and becomes the most debated Bitcoin price prediction framework ever created. Adherents treat it as gospel while critics call it pseudoscience. Regardless, S2F dominates Bitcoin discourse for years.
PlanB: Modeling Bitcoin's Value with Scarcity