Bitcoin's Scarcity Questioned Amid Stablecoin Issuance Boom

Bitcoin has long been viewed as a digitally scarce asset because its total supply is capped at 21 million coins. The article argues, however, that its open-source code can be copied and modified to create new cryptocurrencies. When the broader crypto asset market is considered, supply is not truly finite, weakening Bitcoin's claim to uniqueness as “digital gold.”

The latest report, “Bitcoin Is Not a Scarce Asset,” argues that financial institutions and credit unions are racing to issue their own stablecoins, creating a market in which multiple private digital currencies coexist. However, the available information does not identify specific institutions or provide issuance amounts or dates, making it impossible to verify the scale or launch schedule of individual projects.