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That's a good point, but "inflation" and "deflation" are supply concepts not price concepts, despite being used colloquially to describe price trends.
Edit: you might argue that Bitcoin is deflationary, because the supply per person is shrinking as it gets more widely adopted.
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Good discussion! We clearly need a substack ''economy'' here on SN
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It is deflationary already! Markets don't price for current reality, markets always price for future expectations.