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American Banker has published a direct challenge to one of Bitcoin's most load-bearing investment arguments: that the asset is, by design, scarce.
The piece argues that scarcity, as applied to $BTC, does not hold up under scrutiny — a position worth taking seriously precisely because it comes from a publication aimed at banking professionals, not crypto skeptics.
Why This Framing Matters The scarcity argument is not incidental to Bitcoin's investment case — it is the investment case for a large share of institutional and retail holders alike.
Strip it out and the "digital gold" analogy loses its structural support.
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