The quantity theory of crypto: what is Bitcoin worth as a medium of exchange? (opens in new tab)

John Lewis The recent near halving of Bitcoin’s price has reignited debate about its true value. As a store of value, net present value asset pricing models suggest it should be worth zero because it pays no dividend. Yet its price remains far above zero, and its total value is still large despite recent turbulence. … Continue reading The quantity theory of crypto: what is Bitcoin worth as a medium of exchange? →