Is $80k Bitcoin expensive or cheap?

BTC returning to $80k has some loudly proclaiming the bull market is back, while others watch coldly, believing a bubble is reappearing.
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 occupying 10% of that, the price per coin would exceed $60k;
If it accounts for 20%, it would surpass $120k.
Another framework considers network value: Bitcoin’s hash rate continues to hit new all-time highs, with miners “voting” with real money on electricity costs.
Currently, Bitcoin’s energy value floor is rising.
On the flip side, 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 might just be a new starting point.
Of course, no matter how many valuation frameworks there are, 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 $80k may just be a footnote.
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