Cryptoasset Valuations: Past, Present and Future
summary
Argues concrete valuation methods: uses network value and calibrated ratios like the NVT ratio (daily NV / 90‑day tx value), shows Bitcoin NVT ≈80, and compares UTXO coins. Points out supply abuse on CoinMarketCap — Exchange Union 18B total vs 12M circulating (≈1,500x dilution risk), Veritaseum 12.5B vs 250M (≈50x). Models intrinsic value with MV=PQ, demos Zcash inflation (next‑year supply growth ~75%, BTC ~4%) and runs discount rates (typical crypto 30–50%, 40% yields Zcash ≈$200B NV by 2028). Uses CoinMetrics, on‑chain data and cites Alex Evans’ velocity extensions.
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chapters (22)
- 0:00Introduction
- 0:30Cryptoasset Valuations
- 1:08Placeholder
- 2:07Unique Value Drivers
- 4:53Market Cap Game
- 6:44Coin Market Cap
- 9:36ZCash Team
- 10:12ZCash Network Value
- 12:43Expectations
- 13:58Ratios
- 15:31Bitcoin
- 18:12Comparing Value
- 18:50Comparing NBT Ratio
- 21:17Relative Valuation Ratios
- 24:59Intrinsic Valuation
- 26:00Equation of Exchange
- 28:15Model
- 30:02Velocity
- 31:50Alex Evans
- 32:19Extensions
- 33:12Data Providers
- 34:03Conclusion
