Who Created it?
The Bitcoin power law was created by Giovanni Santostasi (@Giovann35084111 on Twitter) in 2015.
Giovanno is a physicist, neuroscientist, and financial analyst.
You can read his recent overview of how he created the model here.
What is it?
The power law aims to project the price of Bitcoin based on the following assumption:
Bitcoin's price, users, and mining power increase in a predictable way, like a city growing, where each part influences the others in a continuous feedback loop.
Video
You can watch a video explaining the power law, created by Giovanni's son here:
Power Law vs Stock to Flow
Power law was instantly compared to stock to flow, however Giovanni does not believe in PlanB's model:
I wish S2F was true. But I rather count on a more realistic model that seems correct than on a model that is too optimistic and then to get disappointed. Also it is not good for BTC PR for the community to make these unrealistic claims.
I don’t think it is possible to get to tens of millions by 2033 (as S2F predicts). 1 M is already amazing (more realistic Power Law in time prediction).