The scarcity is referred to as the metric stock to flow (SF) ratio. That’s one major factor that makes gold and bitcoin different from “consumable commodities” like copper, nickel and brass ...

This means the current Bitcoin stock-to-flow ratio looks like this: 19,171,050 / 328,500 = 58.35 Incidentally, this is similar to the 62 years we calculated earlier for gold.

Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, GOLD has a P/B of 0.94.

As Pawan Jain, interim chair of finance at Virginia Commonwealth University, points out, gold's stock-to-flow ratio of 60 is historically high, meaning it would take about 60 years of current ...