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25 0 1 1 78. Now they’re trying to figure out how valuable these assets really are. That’s a big win for the magic internet money community. In this piece I share some early attempts at crypto valuations to give perspective on how early we still are, then discuss the theory I’m currently using and why, before walking through a fictional bandwidth coin valuation that includes a link to the actual model. Each section operates as a standalone, so feel free to skip amongst them.

I started as a buy-side analyst in 2014. Other asset managers will have to do the same as part of their fiduciary duty, which is one reason everyone’s become so interested in cryptoasset valuations. Laffer to complement ARK’s 2015 investment, which serves as a nice starting point. At the time of publication, there were 14. The above valuation could be stacked with bitcoin’s use in another target market, with another percent penetration and velocity.

Grayscale’s GBTC, which I recommend looking at. I’ve thought about cryptoasset valuations a lot more since then. Then, since markets price assets based on future expectations, one must discount a future utility value back to the present to derive a rational market price for any given year. That said, within its native protocol a cryptoasset serves as a means of exchange, store of value, and unit of account. Since the equation of exchange is used to understand the flow of money needed to support an economy, it becomes a cornerstone to cryptoasset valuations.