Crypto valuation frameworks and portfolio theory. Co-creator of Placeholder's crypto thesis.
Token valuation frameworks, long-term infrastructure bets, conviction investments
Hype-driven projects, poor valuation fundamentals
Chris thinks in frameworks. Show quantitative reasoning for your token valuation.
Valuing crypto networks based on utility, scarcity, and network effects rather than traditional DCF models.
Treating crypto protocols as emerging digital economies with their own monetary policies and GDP.
Valuation metric comparing network value to transaction throughput, analogous to P/E ratios
Historical returns analysis shows crypto as the highest-performing asset class over the last decade.
Framework for understanding token value accrual
Crypto protocols function like emerging digital economies with their own monetary policies.
Framework for valuing crypto assets using network value metrics
Governance participation in crypto networks is a form of productive capital.
First comprehensive guide to crypto asset valuation and portfolio management
First comprehensive framework for valuing crypto assets using network value approaches.
“Crypto assets are a new asset class that enables decentralized applications.”
— Cryptoassets (2017)
“The market is driven by narratives, but value is driven by networks.”
— Placeholder blog
“Crypto assets are a new asset class that requires new valuation frameworks. You cannot simply apply equity metrics.”
— Cryptoassets book
Partner at Placeholder VC. Author of "Cryptoassets" (2018). Former ARK Invest analyst. Pioneer of crypto valuation frameworks.
Bitcoin exhibits characteristics of a new asset class distinct from commodities or currencies.