A new crypto4me study points that Bitcoin’s stock-to-flow ratio hit roughly double gold’s after the 2024 halving. Aiming at the Bitcoin Infinity Day — the annual August 21 celebration of Bitcoin’s fixed 21-million supply — crypto4me, the digital-asset service provided by Madison Six, regulated MiCA licensed company, published Scarcity: Algorithm vs. Natural Reserves, a study that puts a precise figure on a long-running claim: measured by stock-to-flow, Bitcoin is now about twice as scarce as gold.
Stock-to-flow (S2F) compares an asset’s existing supply with the new supply added each year — a standard gauge of how hard something is to inflate. On the latest World Gold Council and U.S. Geological Survey data, gold scores about 59; Bitcoin, after its 2024 halving cut new issuance in half, scores about 120.
The original finding: 2024 was the crossover
The study’s central insight is not the ratio itself but its timing. Because Bitcoin’s new supply is halved roughly every four years while gold’s output barely moves, the two assets’ scarcity lines crossed in 2024. Before the halving, Bitcoin and gold were about equally hard (both near 60). After it, Bitcoin jumped to roughly double — and if the schedule holds, the 2028 halving will take it to about four times gold.
Deliberately honest about the metric
Unusually for a crypto publication, the study devotes a full section to where its own headline number stops working. It states plainly that S2F does not predict price — the once-popular “S2F price model” failed after 2021 — that the ratio is a dated snapshot rather than a constant, and that scarcity says nothing about volatility. “Harder to inflate is not the same as worth more or safer,” the study notes. Crypto4me argues that this candour is the point: the credible version of the story is narrower, and more interesting, than the usual claims.
Availability
Scarcity: Algorithm vs. Natural Reserves is available free of charge on the crypto4me website from August 21, 2026, alongside an author’s commentary and a social-media series comparing Bitcoin’s scarcity with gold and other commodities. The study is provided for analytical and informational purposes only and does not constitute investment advice.
About crypto4me
Crypto4me enables the purchase of all major cryptocurrencies, including bitcoin, ether and SOL. In compliance with the strict conditions of the European MiCA license, the company ensures the highest standards of security for trading and the storage of cryptocurrencies in wallets, as well as additional measures such as multi-factor client authentication, encryption, and regular penetration testing.
The crypto4me service is operated by Madison Six j. s. a. As of December 18, 2025, the company holds authorization to provide cryptocurrency-related services, granted by the National Bank of Slovakia under number 100-001-025-213 in accordance with the MiCA regulation*. At the same time, based on this license, the company is authorized to provide cryptocurrency services on a cross-border basis throughout the EU/EEA.
* Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937.
