GP might be referring to the fact that currently, 80-90% of the miners' reward is "coinbase", ie newly minted coins (which expand the money supply and could be

GP might be referring to the fact that currently, 80-90% of the miners' reward is "coinbase", ie newly minted coins (which expand the money supply and could be considered inflationary), while only 10-20% of the mining reward is from fees, ie cut on the transactions.