> In stocks, I can point to a price-to-earnings ratio or a price-to-sales ratio > In Bitcoin, [...] what can I use to distinguish between "excessive" growth an

> In stocks, I can point to a price-to-earnings ratio or a price-to-sales ratio > In Bitcoin, [...] what can I use to distinguish between "excessive" growth and appropriate growth? I suppose it depends on what you think Bitcoin is. It sounds like you think it's a stock. The SEC thinks it's a commodity. Clearly it was intended to be a currency, although a very gold-like one. https://journal.bitcoinreserve.com/can-we-calculate-bitcoins-projected-value-based-on-utility/ https://journal.bitcoinreserve.com/can-we-calculate-bitcoins... [...] researchers determine bitcoin's value based on its use in the following "addressable" markets—areas in which the asset can find the most use: The unbanked, Tax evasion, Remittance, Online transactions, Store of value, Micropayments, Reserve currency, Offshore accounts, Medium of exchange Reserve currency counts among bitcoin's many capturable "markets." Arguably this market is one in which bitcoin could wholly dominate—by becoming a global reserve currency. (...the article goes into more depth.) > There is a critique that can be made of the stock market that it is essentially a speculative game Stocks have clear utility: You don't have to own literal grain to be invested in our food supplies. And you can hedge some of the risk of literally owning grain to people with money. Whatever the underlying value of an asset is, the asset itself provides ability for hedging, which itself is valuable.