Is Bitcoin Worth $1,000,000?

Bitcoin Investment Thesis From First Principles.

Cryptocurrencies have once again entered the public spotlight, following Bitcoin’s recent surge to USD $40,000. Having begun my career trading cryptocurrency derivatives on Wall Street, I naturally am intrigued by crypto-assets as an investment.

Like many, I had always been a skeptic — despite having built quant algorithms to trade Bitcoin. Upon every attempt to uncover objectivity, I am always met with the irrationality of Bitcoin cult followers, sensationalist media or the…