The rapid accumulation of Bitcoin by an entity referred to as Strategy is constraining the newly mined supply, according to analyst Adam Livingston. The entity has purchased 379,800 BTC in the last six months, surpassing the daily production of 450 BTC, effectively creating a synthetic halving. As Bitcoin becomes scarce, this acquisition strategy leads to increased costs associated with accessing Bitcoin, resulting in higher prices as demand grows. Livingston predicts that the global cost of capital for Bitcoin will be influenced by the policies of Strategy, the first Bitcoin superpower. Critics warn that such concentration poses systemic risks, especially if a prolonged bear market occurs. Nonetheless, Bitcoin advocate Saifedean Ammous believes that high concentrations of Bitcoin among large institutions like Strategy reinforce the integrity of the digital currency, as they cannot alter its supply without risking significant value loss.

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