There has to be some degree of dilution, surely. In an inflation model of 100 coins x 2 x 2 x 2 x 2 x 2 (5 years doubling the quantity), we go up to 3200 coins. So initial coins are diluted /32 but are not only expected to preserve their value but x10 each. So, dilution adjusted, it's a 320x we are expecting here.