If Bitcoin is "digital gold", the target benchmark is Gold Market Cap
If Bitcoin is "just" money the target benchmark is real/ppp global M1 or global M2
If Bitcoin is the ultimate form of capital your estimate is the righ one
If you back debt with bitcoin, you demonetaze it
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Good analysis 💜
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Thanks. 😅
I'm working on a couple of btc adoption models... and mining profitability models..
You’re going deep my friend.
Good luck 🤞