So using rough numbers, if the total value of gold in circulation is currently ~$10 trillion, and ~$200 billion is mined per year, then “Gold” the asset class as a whole is worth ~50x the USD value of the trailing 12 months of production.

Before the halving, 900 BTC are mined per day and at ~$31K per BTC mined * 365 days you get to ~$10B of annual production. So 50x that would imply the value of the asset class as a whole would be ~$500B (ie the “market cap”)

Does this mean BTC today is fairly valued relative to gold, or does it mean it’s undervalued by 50%, as the forward production volume will be cut in half? I obviously think it’s undervalued, but I’m not familiar with the complexities of the other asset classes to compare with (ie what is the forward 12 months estimated production volume of gold, what amount of provable reserves are there around the world, was is the estimated amount of speculative reserves available to mine at some point in the more distant future, etc.)