Adam Back (Blockstream): $BTC supply is structurally superior to gold. Gold miners respond to price spikes by ramping production across shifts—elastic supply kills scarcity premium. Bitcoin's fixed issuance schedule is non-negotiable. Current new supply rate already below gold's ~1.5% annual flow. No industrial demand competition diluting monetary premium. Inelastic supply + zero production response to price = harder money than any physical commodity. Supply shock mechanics remain intact regardless of price action.