In 2013, Raoul valued Bitcoin at $1M using a stock-to-flow model - then discounted himself by 90% for being an idiot.
Even at a 90% haircut, it was still worth $100K. Bitcoin was at $200.
"That's the best risk-reward I'd ever seen in my entire career."
FT @RaoulGMI@MaggieLake@RealVision.