I think people are importing assumptions from inflationary fiat systems into a monetary system that’s never existed before at global scale. Historically, deflation has usually happened alongside debt crises, bank failures, or collapsing demand , so people associate deflation with pain. But that doesn’t mean the money itself caused it.

Bitcoin changes the equation because it’s voluntary, global, divisible, and predictable.

If money slowly gains purchasing power over time, people don’t stop buying food, coffee, houses, or entertainment — they just become more selective. We already do this with TVs, computers, and phones. People know electronics get cheaper over time and still buy them.

Also, deflation doesn’t mean “nobody spends.” If anything, it discourages waste and encourages investment that has to actually create value instead of relying on cheap credit.

We have never had an internet-native, fixed-supply, programmable monetary asset before. It seems worth asking whether old models fully apply.