Bitcoin Valuation Models

• •Stock-to-Flow: Scarcity-based model
• •Metcalfe's Law: Network effect valuation
• •Production Cost: Mining cost floor
• •Monetary Velocity: MV = PQ equation
• •Total Addressable Market: % of gold, M2
• •Power Law: Long-term growth trajectory

Model Limitations:

• •Past performance ≠ future results
• •Models can break
• •Multiple variables
• •Black swan events