This document, authored by John Pfeffer, provides an analysis of cryptoassets from the perspective of a long-term investor. It evaluates the potential future value of cryptoassets, particularly focusing on their role as a monetary store of value, akin to gold. The paper discusses the potential for Bitcoin to become a dominant non-sovereign monetary store of value, estimating its future value could reach USD 260,000 - 800,000 per BTC. It also examines the economics and valuation of utility protocols like Ethereum, suggesting that their current valuations may not offer attractive returns for long-term investors. The document emphasizes the separation of payment functionality and monetary store of value in cryptoassets, predicting a fragmented payments market but a single dominant store of value.
documents/EFTA00797937.pdf
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