Putting it together: scenario map (illustrative) - Conserva…

Putting it together: scenario map (illustrative)
- Conservative (20% of crypto redirected; lower elasticity; modest uplift from no suppression): $6,000–$9,000/oz.
- Base case (30% redirected; mid elasticity): $8,000–$12,000/oz.
- Stress/upper tail (40–50% redirected; upper elasticity during a macro shock with central‑bank demand intact): transient $12,000–$20,000/oz before stabilizing lower as recycling and substitution kick in.