CryptoBottomLine

My bottomline view is that both of these are either a) completely worthless or b) extremely undervalued. 

Position a) is a serious possibility, but is becoming less and less likely every day. Crypto is now quasi-mainstream and only getting more so.  It has recovered from numerous severe price shocks in a way that things that are merely bubbles cannot.  

If they are serious non-trivial things, then hey have a good chance of capturing some non-zero percentage of total equities, eg: like portfolios holding a percentage in gold to hedge against inflation.  If that's the endpoint in 10-15 years then they are still extremely undervalued. Some people think they will come to dominate total world equities, but you dont have to believe that to think they are a good investment at the current price.

(If you believe we will have AI agents soon, they are much more likely to use crypto than dollars…. non-US citizens have a hard enough time getting a bank account… it could turn out that this will be the biggest factor in the economy in N years)