So although bitcoin is naturally inflationary, it's actually deflationary in terms of inflation rates? But does that make bitcoin deflationary, or inflationary? Which way is the right way to look at this?
Bitcoin is naturally inflationary until the block subsidy ends some time in the first half of next century, but in reality it will become deflationary much sooner than that, as people are constantly losing their keys. We can't predict the rate at which people lose access to their bitcoins, so the charts in this thread only show the scheduled bitcoin money stock.