Summary
TLDR: Valuation metrics for technology companies depend on a Bitcoin price of $70,000 to $100,000, which is reasonable considering current momentum. However, execution risk at scale remains a challenge for these companies.
Key Points
1. Valuation metrics assume a Bitcoin price of $70,000 to $100,000, which is considered reasonable based on current momentum in the price of Bitcoin.
2. Execution risk at scale is a significant hurdle for technology companies in achieving their valuation metrics.
3. Single digit multiples on valuation metrics are dependent on the assumptions made about Bitcoin price and execution risk for technology companies.