That's a negative externality which doesn't pertain to how valid the current valuation is, which is the subject I was addressing. Externalities by definition d

That's a negative externality which doesn't pertain to how valid the current valuation is, which is the subject I was addressing. Externalities by definition don't feature into the price, although perhaps they do only to a very small extent in the case of BTC because of political/regulation risks leading to a risk premium effect.