What Bitcoin Did

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S2F, Gold & the Big Reset with Plan₿ & Willem Middelkoop

Peter McCormack

Interview | Description | Timestamps | Show Notes

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S2F, Gold & the Big Reset with Plan₿ & Willem Middelkoop - WBD385 Peter McCormack

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Location: Remotely
Date: Friday 6th August
Company: Independent & Commodity Discovery Fund
Role: Bitcoin Quant Analyst & Chairman

In early 2019, PlanB released his now widely regarded Stock-to-Flow model (S2F). This model was built around the four-year halving cycle and is a way to track the scarcity of an asset. 

At current levels of issuance, Bitcoin has a stock-to-flow of 50, meaning it would take 50 years for miners to mine enough Bitcoin to match the current Bitcoin supply. When applied to non-digital assets such as gold and silver, stock-to-flow becomes a benchmarking tool. Gold, for example, has a stock to flow number of ~58, slightly higher than Bitcoin.

While the Stock-to-Flow model is an incredibly popular tool amongst bitcoiners, it is not without its critics, and with Bitcoin’s drop from ~$64k to ~$29k, the model is coming under increasing scrutiny.

So, is the model broken, or is Bitcoin still heading for $100k+ this year?

In this interview, I talk to Bitcoin Quant Analyst & creator of the popular Stock-to-Flow model, Plan₿ and investor, entrepreneur & publicist Willem Middelkoop. We discuss S2F, gold vs Bitcoin and whether we are heading to a big reset.

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00:03:30: Introductions
00:04:48: Willem's background
00:08:39: Why Willem became a gold bug
00:10:59: Suppressing the price of gold
00:16:47: A diversified portfolio
00:19:05: The jump from gold to Bitcoin
00:25:35: Willem's Bitcoin thesis
00:32:21: The stock-to-flow model
00:39:11: The overnight repo rate explained
00:44:21: The imminent big reset
00:53:03: Failure must be allowed to exist
00:55:45: Replacing the dollar
01:00:33: It's not a crash, it's a reset
01:02:55: How to prepare
01:09:01: Technocracy
01:11:07: The Infrastructure Bill
01:16:40: Final comments

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If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:

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