Dear William,

Thank you for reading my work and thank you for taking the time to post your thoughts on the subject.

As I am sure you would have noted, my argument is that using existing valuation models, cryptocurrencies are unconstrained on the upside. Zero, is a lower bound — and some altcoins have certainly reached that level.

And perhaps I ought to clarify that when I refer to cryptocurrencies, I should be more specific in referring to the most liquid as well as well as traded cryptocurrencies as opposed to the many scams and failed projects which are now empty by now.

As a tool for capital flight and money laundering in some cases, I would argue that the value of cryptocurrencies is very much still in the discovery phase.

Being unconstrained means that investors and speculators will help discover what that value is. Being tied to nothing means that unlike any other asset class, cryptocurrencies have no upper bounds (for now) because no clear correlations exist with any other asset class or valuation model.

Thank you for contributing to the conversation and as always, any errors and omissions remain strictly mine.

Yours,

Patrick