In 2026, investors are redefining the concept of scarcity for assets like Bitcoin, gold, and silver, moving beyond traditional supply constraints. This shift involves considering factors such as demand dynamics, utility, macroeconomic influences, and investor behavior. For Bitcoin, scarcity is no longer just about its 21 million coin cap but also includes institutional adoption, regulatory clarity, and technological advancements like scalability improvements. These factors contribute to a perception of increased scarcity as more investors hold Bitcoin long-term, reducing its circulating supply. Gold and silver are also experiencing a reevaluation of scarcity. Historically valued as stores of wealth and inflation hedges, these metals now face changing industrial demands and digital tokenization efforts. Silver's dual role as an industrial metal and a store of value adds complexity, with clean-energy technology demand potentially tightening supply and driving prices. This evolving understanding of scarcity impacts portfolio construction, requiring investors to consider broader factors such as demand elasticity, utility, and macroeconomic conditions when assessing asset values.