I've concluded that the real problem is that bitcoiners don't understand basic microeconomics. So here's a bit of a primer. 1/

Scarcity is a function of demand, and it affects price. For any good, if demand exceeds supply, it is scarce. That is true regardless of the absolute number of units of the good available for purchase. 2/

Imagine there are 5m Steinway grand pianos in the world, of which 1m are available for purchase. The world's population is about 8bn. So if everyone in the world wanted a Steinway grand piano, they would by any reasonable definition be extremely scarce. 3/

And because of their scarcity, competition for them would drive up their price. Steinway grand pianos would be very expensive things (as indeed they really are) 4/

Bitcoiners will no doubt have followed this so far, because this is their scarcity economics: there can only be 21m bitcoins, therefore only a tiny fraction of the world population can own bitcoin, therefore bitcoin will be very, very expensive. 5/