The way I like to value Bitcoin is more like an adoption story rather than USD price.
People say, what do you think the price should be? And I say, I don't look at the price or predict it. What I do is start with the assumption that it is going to become the dominant form of money and then I look at where we are in the adoption curve.
And not just how many people have adopted it, but who is adopting it.
And I think the "who" that is adopting it is in the middle of changing right now.
We see bitcoin Treasury companies and governments buying, so I think these types of holders of Bitcoin are going to change the past volatility patterns that we've seen.
When there is a sell-off and the algorithms try to get people to sell their Bitcoin, almost no bitcoin Treasury company is going to be spooked into selling its Bitcoin, nor will any nation.
So I think we will see meaningful volatility pattern changes on the downside.
This is the way to think of Bitcoins value from the standpoint of the network itself. Stop looking at the dollar price.
The network effect of looking at how many participants and who are those participants, how much buying power do those participants wield? ..that will move the adoption overall very differently than your grandma buying $5 worth.
If you look at just these metrics from a fundamental standpoint, it's insane how much the bitcoin network has performed recently.
So the question is ...
How do you model that?
How do you put that data onto a chart?
Now, instead of "future cash flows" for evaluation, we have "future adoption" as a data metric.