Bitcoin Price Source: http://coinmarketcap.com.

BITCOIN VALUATION MODELS

Historical Price Trend

Metcalfe’s Law

Source: Fundstrat, PlanB@100trillionUSD-PlanBTC.com. Data as of 4/15/24.

Stock-to-Flow

Source: PlanB@100trillionUSD-PlanBTC.com. Data as of 4/15/24.

Stock-to-Flow Measured in Gold

Source: PlanB@100trillionUSD-PlanBTC.com. Data as of 2/19/24.

Ranked Asset Returns

Source: novelinvestor.com, Off the Chain Capital. Data as of 4/15/24. *Performance of assets since the end of 2023. **How many times greater Bitcoin has performed than the second best performing asset class.