The model takes into account everything going on (changes in presidents, wars, covid, money printing, etc.)
It’s less a of theory and more of an observation that bitcoin’s price, # of addresses, and hash rate follow a power law.
Discussion
I think it now is so nuanced it can be described as a theory as opposed to a mere model
The phenomenon exists which is what matters. The why is less relevant in this case imo
We all know why it’s going up forever
But I really think it is interesting that the bicoin network and the asset in concert are so incredibly well put together that it begins to behave like some kind of force of nature.