It would be a combination of: * supply * demand The supply is well-known in advance, and is an advantage to Bitcoin. US M2 money supply grew 8.04% in the pas

It would be a combination of: * supply * demand The supply is well-known in advance, and is an advantage to Bitcoin. US M2 money supply grew 8.04% in the past year [0], while Bitcoin's grew ~1.75% [1]. Demand is very volatile, and suffers from the bandwagon effect (price increase -> buy, price decrease -> sell). [0] - https://ycharts.com/indicators/us_m2_money_supply_yoy https://ycharts.com/indicators/us_m2_money_supply_yoy [1] - https://charts.woobull.com/bitcoin-inflation/ https://charts.woobull.com/bitcoin-inflation/