# kaal:claim:4033886-039

**Claim.** Bitcoin's issuance schedule and relative scarcity are not necessarily the only reasons for its rise in value, since thousands of copycats share the same issuance schedule without matching its demand.

**Type.** failure  **Support.** argued

**Holds when.**

- scarcity based valuation models such as stock to flow

**Source quote.**

> However, BTC's issuance schedule and relative scarcity are not necessarily the only reasons for its rise in value.147

**From.** Wulf A. Kaal, Samuel Evans, Hayley Howe, *Digital Asset Valuation* (2022), IV.2.b DCF, page 34

**Cite as.** Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886

**Verify.** sha256 of source PDF `52ba05b1292b1be4bfaf1ee5cf56b14fea9c196d870603e794d7ee316df129bd` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20et%20al.%20-%202022%20-%20Digital%20Asset%20Valuation.pdf

**Failure mode.** scarcity only explanation  (family: valuation-and-pricing-failure)

**Topics.** tokenomics, economics

**Keywords.** stock-to-flow, bitcoin, scarcity, valuation-models

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