- Demand in the form of increased value for digital assets, beyond financial speculation.
- As we will emphasize later, institutional interest, although in our experience it is increasing, is unrelated to demand.
- Mining in the form of periodically halving the reward for mining bitcoin.
- The dollar in the form of a fiat currencies with decreasing confidence following the 2008 global financial crisis, the use of measures such as “quantitative easing” and the current mini currency war between the US and China.