Is $80k worth of Bitcoin expensive or cheap?

BTC has returned to $80k, with some heralding the return of a bull market, while others watch coldly, believing a bubble has reappeared. The same price, vastly different judgments, stem from differences in valuation frameworks. From a traditional asset perspective, Bitcoin has no cash flow or dividends, so $80k seems unsupported. But if viewed as digital gold, with the total global gold market value around $13 trillion, and Bitcoin accounting for 10%, the price per coin would be over $60k; if it accounts for 20%, it would surpass $120k. Another framework considers network value: Bitcoin’s hash rate continues to hit record highs, with miners “voting” with real money on electricity costs. Currently, Bitcoin’s energy value floor is rising. On the other hand, the global M2 money supply remains at historic highs, and fiat currency purchasing power continues to dilute. When measuring scarce assets with a depreciating ruler, $80k may just be a new starting point. Of course, no matter how many valuation frameworks exist, short-term prices are still determined by marginal buying and selling. But if you believe in the long-term value of digital scarcity amid excessive fiat issuance, returning to $80,000 might just be a footnote.