How I got into the space
Before I explain how I think cryptocurrencies should be valued, I think it's useful to understand my background.

I've been interested in cryptocurrencies since the very early days-- a time when bitcoin faucets would just give you entire bitcoins for free to raise awareness about the currency, and a time when a pizza cost 10,000 bitcoins (yes, 10,000 ). In 2013, I got really into it and built a mining computer with two high-end graphics cards on Princeton's campus and managed to successfully mine ~22 bitcoins. Around that time I even set up a blog dedicated to explaining bitcoin, mostly for my friends . But even with all the interest I had back then, I was never at any point convinced that cryptocurrencies would lead to a fundamental shift in the way we transact-- there were too many issues at the time , particularly related to high volatility, fixed supply, lack of a central bank, and low transactions-per-second, that were complete deal-breakers for widespread adoption as a medium of exchange. The limitations in the macroeconomics of bitcoin just didn't "add up" to it becoming a medium of exchange , so to speak . My view on this changed very recently, however, after I "caught up" on all of the innovations that have occurred between then and now. As a result, I'm now >90% convinced that cryptocurrencies will lead to a fundamental shift in how we transact within the next ten years, and that this shift has the potential to greatly enrich early entrants to the space. Because of this, as of a few months ago, I have committed a significant fraction of my net worth to a few major cryptocurrencies, and I strongly believe that it would behoove major investors to dedicate a nonzero portion of their assets to this space as well in the long-term