Bitcoin has come a long way since its creation in 2009.
The market cap of bitcoin recently reached 5% of the gold market. Institutional money has started trickling in, and the financial media has been peppered with bitcoin ownership announcements from corporations and investment firms alike.
And yet, despite an uptick in institutional adoption and recent all-time-highs for the world’s largest public blockchain, there is still no broadly agreed-upon method or approach for valuing bitcoin as an investment asset. What exactly are bitcoin’s fundamentals? How can these fundamentals help us approach valuation? What do existing valuation models get right and, more importantly, what do they get wrong?
In Part I of this multi-part series, the team looks at the monetary competition and the total addressable market for Bitcoin.