Bitcoin Valuation & Fundamentals

CoinShares Research Primer

It’s been quite a year.

As of December 2020, the market cap of bitcoin was just over 3% of the gold market. Institutional money has started trickling in, and the last 12 months have been peppered with bitcoin ownership announcements from corporations and investment firms alike.

And yet, despite an uptick in institutional adoption and recent all-time-highs for the world’s largest public blockchain, there is still no broadly agreed-upon method or approach for valuing bitcoin as an investment asset. What exactly are bitcoin’s fundamentals? How can these fundamentals help us approach valuation? What do existing valuation models get right and, more importantly, what do they get wrong?

In our multi-part series, consisting of 3 research papers and accompanying webinars, the CoinShares Research Team will address these issues and ultimately set the investment community on a path to asking better questions and arriving at better answers about bitcoin, its fundamentals, and how to approach valuation.

The webinars will take place in early 2021, with each paper being released beforehand.

> Part I - Total Addressable Market - 12th January @ 13:00 GMT / 14:00 CET / 08:00 EST
> Part II - Valuation & Bitcoin Supply - 26th January @ 13:00 GMT / 14:00 CET / 08:00 EST
> Part III - Valuation & Bitcoin Demand - 2nd February @ 13:00 GMT / 14:00 CET / 08:00 EST

Download the full research papers

Questions? Feel free to contact us.