The market is grinding, sentiment has turned bearish, and many are now asking: 'Is the bull market coming to an end?'"

Join me in welcoming back Jupiter Zheng, HashKey Capital, for a timely session about Bitcoin, cryptocurrency, and digital asset valuation based on the book “Digital Asset Valuation Framework” by HashKey Capital.

We explore the methodologies used in valuing digital assets, debunk common skepticism, and discuss the intriguing predictions from industry leaders like Cathie Wood.

Learn about the NVT, MVRV, and stock-to-flow models used to evaluate Bitcoin and discover valuation models for Ethereum and other Layer 1 public chains.

We also look at the current market trends and what the future holds for crypto assets.

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00:00: Introduction, skepticism surrounding Bitcoin and crypto’s long-term value

02:33: “Digital Asset Valuation Framework” book overview

• Published April 2024

• Fusion of existing crypto valuation methods with traditional beta models

• Categories of digital assets and corresponding valuation methods

04:56: Bitcoin valuation framework, key principles and metrics

08:48: Zoom in on the following methods

• NVT

• MVRV and its relevance to predicting the crypto market cycle

• Stock-to-flow

• Evolving valuation methods as Bitcoin is undergoing changes

15:16: How does Cathy Wood project $1M Bitcoin price by 2030

• 5% allocation of global investable assets

• Impact of BTC spot ETF

• Parallels of BTC ETF and price and Gold ETF and price

• Key milestones for Bitcoin to cement its status as “digital gold”

19:08: Ethereum and smart contract Layer 1 valuation

• DCF

• Quantify network security and incorporate it into valuation models

• Commonalities and differences between Ethereum and its competitors, e.g. Solana (Ethereum killers) to be considered when calculating DCF

24:06: Data’s reliability and availability for building valuation models

• Glassnode/Kaiko/Coin Metrics/Nansen/CryptoQuant

26:26: Warrant Buffett’s mental framework when evaluating stocks and assets

• His skepticism about gold’s value

• Different investors' perspectives on the value of cash-flow-generating and non-cash-flow-generating investment assets

• Bitcoin as an alternative financial system

30:27: Current cycle - where are we now and outlook

• What MVRV tells us

• Industry’s consensus about Bitcoin’s price in this cycle

• BTC spot ETF’s impact on this cycle

• Why ETH is underperforming, how about the altcoins

• Market sentiment and outlook

33:36: Closing

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This discussion session is for educational and informational purposes only, not investment or financial advice, and the speakers' views are their own.

This is a special episode. I put together a trail of the past 10 episodes of BlockchainAsia Podcast.

Revisiting these conversations, I have to say they remain very relevant and insightful.

If you've missed any episodes, you can catch up on Apple Podcasts, Spotify, Amazon Music, or YouTube Podcasts.

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In this episode, Vera Wu, COO of Numbers Protocol & Capture, founded in 2019, explains how Numbers leverages blockchain to verify the authenticity and origin of digital content, ensure content’s traceability, and empower content creators.

She also shares their collaborations with Reuters and Stanford's Starling Lab in documenting important historical events on blockchain, and their technology was used in Taiwan 2024 election, as well as in the elections in Hong Kong, India and Indonesia to fight disinformation and misinformation. She introduces in detail the practical tools offered by Numbers.

Numbers is backed by some notable investors including Protocol Labs and founders of YouTube and Twitch, as well as a Silicon Valley VC fund’s general partner.

· 00:00 Introduction and Welcome

· 00:13 Vera's background and journey into blockchain

· 01:34 Overview of Numbers Protocol

· 02:59 Details of Numbers’ blockchain and its cross-chain standards

· 03:57 Numbers’ partnerships and use cases

· 05:59 Addressing trust issues in digital content

· 07:16 Tools and solutions for content verification

· 13:17 AI-Generated content and provenance

· 15:22 Target users and market expansion

· 23:46 Regulatory landscape in Taiwan and Ethical AI Alliance

· 27:04 Conclusion and contact information

Numbers Protocol Website/Discord/TG group (English) Ethical AI Alliance

Follow Vera Wu’s LinkedIn

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Disclaimer: The content in Blockchain Podcast is for informational and educational purposes only, represents personal views and opinions, and does not constitute investment advice or recommendations.