# George Ford Smith Essay Misstates Bitcoin’s Supply Cap as About 21 BTC

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/36371
Published: 2026-10-21T05:22:28.000Z
Updated: 2026-10-21T05:22:28.000Z
Section: Regulation

> The essay also discusses the Fed’s 2% inflation objective, which is measured using the PCE price index rather than CPI.

An Oct. 19 essay by George Ford Smith criticizes the Fed’s inflation policy and points to Bitcoin’s fixed issuance as support for its store-of-value case, but misstates the asset’s cap as about 21 BTC.

Bitcoin (BTC) has a protocol issuance limit of roughly 21 million BTC. Its block subsidy is cut in half every 210,000 blocks. The supply limit alone does not establish Bitcoin’s future purchasing power.

Smith also calculates that prices would roughly double over 35 years if inflation remained at 2% annually. That is the result of compounding a constant rate, not a Fed forecast.

The Federal Open Market Committee reaffirmed its longer-run 2% inflation objective on Jan. 27, 2026. The objective tracks the annual change in the personal consumption expenditures (PCE) price index. Smith discusses the consumer price index (CPI), a different measure, when addressing the target.