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![Adrian_R_Morris Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::99328846.png) Adrian Morris [@Adrian_R_Morris](/creator/twitter/Adrian_R_Morris) on x 27.7K followers
Created: 2025-07-12 14:19:22 UTC

First, it's Metcalfe, second a user base model is kinda shaky for $BTC as there is no clean way to decipher the exact # of users. Second, $BTC is finite and ever more so, liquidity impacts on this model decrease over time IMO especially when the model is buy, hold, and soon, leverage.


XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1944038879763607644/c:line.svg)

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[Post Link](https://x.com/Adrian_R_Morris/status/1944038879763607644)