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![adam3us Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::213236426.png) Adam Back [@adam3us](/creator/twitter/adam3us) on x 683.3K followers
Created: 2025-07-25 23:01:50 UTC

@_Checkmatey_ @davmk1 No it's an arbitrage, the fundamental is BTC adoption. Once BTC is fully adopted it will decay probably to a low multiple a little above 1x based on operating revenue etc


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**Related Topics**
[adoption](/topic/adoption)
[bitcoin](/topic/bitcoin)
[coins layer 1](/topic/coins-layer-1)
[coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem)
[coins pow](/topic/coins-pow)

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