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It gets kinda weird. I obviously prefer $1M today than 1 bitcoin, because I can buy lots of bitcoin with $1M.
Again, bitcoin doesn't really have a valuation that can be pinned down with fundamentals. Until a significant amount of long-term contracts are denominated in bitcoin, it doesn't have much of a valuation grounding.
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It does get weird and I guess that's to account for risk type stuff.
The estimate I'm thinking of put a future valuation of about $10M and then came up with 1M present dollars as the amount you'd need to invest at normal market rates of return to end up at $10M by that date.
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That ignores time-preference, as I read it.
Depending how far out that $3.4M is, I may prefer $1M today.