The ECB publishes a target for how fast prices in euros should rise: 2% a year over the medium term. It calls that target symmetric, so undershooting is as unwelcome as overshooting. The 2025 strategy assessment confirmed both. At exactly 2%, €100 saved at 25 buys about €45 of today's goods at 65. Nothing has to go wrong for that to happen. THAT'S what hitting the target looks like. That's the first slide I'd show a pension committee before anyone says the word Bitcoin. The second would be issuance that halves on a fixed schedule and stops at 21 million, with no committee to revise it.
