[simo7]

I think people should not think that much in terms of supply-demand for speculative phenomena. At least not in a macroeconomic sense.

The value of a coin is determined by the expectation of selling it in the future at a higher price, nothing else.

These expectations are affected by the supply level only via auction dynamics: lots of newly mined coins in a short timeframe tend to result in big sell orders and downward pressure on the price.

That's an effective but also very limited way to impact the price. For instance the increase in supply of a non-speculative asset reduces its marginal utility: the more oil available the less useful it becomes.

But there's no theoretical limit to the price of a coin and therefore no limit to the return one can expect!

As it's all about auction dynamics, a highly inflationary speculative asset with well-timed and strategic increase in supply could very well defy any macro supply-demand logic.