A bitcoin is worth what the next person will pay for it. The same can be said of lots of assets, of course, though many of those will also pay their holders a yield or offer some other utility, like keeping out the rain or looking nice when hung on a wall.
Bitcoin valuation exercises offer something purer. They seek a measure either of how widespread acceptance is of the worth of bitcoin’s essential qualities in a new financial paradigm, or the limits of greater fool theory.
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