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When investing in bitcoin (BTC-USD) as an asset, or companies that build on top of the Bitcoin network as part of an asset mix, we need some set of metrics with which to evaluate the progress of the investment thesis, and by extension, the health of the Bitcoin network.
It’s more than just a price on a chart; it’s an open-source network with millions of users, thousands of developers, hundreds of companies, and several ecosystems built on top of it. Most Wall Street analysts and retail investors haven’t actually used a bitcoin wallet, taken self-custody of the asset, sent it to others, and/or used it in various ecosystems, and yet doing so is very helpful for fundamental research.
Bitcoin means a lot of different things to a lot of different people. It enables portable savings, censorship-resistant global payments, and immutable data storage. If you’re an American or European investor in…
