Share this article
Vijay Boyapati’s Four Mental Models for Valuing Bitcoin
From “Tulip Mania” to “the World’s Reserve Currency,” these valuation models show the full range of bitcoin’s long-term possibilities.
Updated Sep 14, 2021, 10:32 a.m. Published Nov 18, 2020, 8:00 p.m.
Make us preferred on Google
From “Tulip Mania” to “the World’s Reserve Currency,” Vijay's valuation models show the full range of bitcoin’s long-term possibilities.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
This episode is sponsored by Crypto.com and Nexo.io.
Vijay Boyapati’s “The Bullish Case for Bitcoin” is one of the most influential articles in the history of the industry – even being assigned reading from MicroStrategy’s Michael Saylor as he tried to convince his board on the merits of what would become its big bitcoin move.
In this conversation with NLW, Vijay discusses his recent thinking around four valuation frameworks that help us understand 1) how people see bitcoin’s upside potential and 2) the likely values they suggest for bitcoin. We also discuss why state-level attacks are Vijay’s biggest concern for bitcoin’s future.
See also: Bitcoin at $318,000 Next December? One Citibank Exec Says It’s Possible
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coreweave stock gains 9% on fresh $2 billion Nvidia investment
Already an investor in CoreWeave, Nvidia last September had agreed to purchase $6.3 billion of computing services from the AI infrastructure provider.
What to know:
- CoreWeave shares jumped about 9% in pre-market trading after Nvidia invested another $2 billion in the AI-focused cloud company.
- The new funding is intended to help CoreWeave expand to more than 5 gigawatts of AI-dedicated data centers by the end of the decade.
- The deal deepens a yearslong collaboration in which Nvidia and CoreWeave will align on hardware, software and data center strategy, and test CoreWeave’s Mission Control resource-scheduling platform for potential integration into Nvidia’s ecosystem.
Top Stories
