According to stock-to-flow model, the price of bitcoin can be predicted only by two data. But using gold as an example, the price of gold depends on Central Bank Reserves、Value of the U.S. Dollar、Jewelry and Industrial Demand、Wealth Protection、Investment Demand、and Gold Production. [https://www.investopedia.com/financial-edge/0311/what-drives-the-price-of-gold.aspx](https://www.investopedia.com/financial-edge/0311/what-drives-the-price-of-gold.aspx)
When gold’s SF=60 ,the market cap of gold is so different :[https://static.coindesk.com/wp-content/uploads/2020/06/gold-market-cap-to-sf.png](https://static.coindesk.com/wp-content/uploads/2020/06/gold-market-cap-to-sf.png) So what is the principle of stock-to-flow model?
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