Kosta Ouzas traces a power-law support line in Bitcoin's price since the Genesis block that has never been breached. When price drops to this level, buying Bitcoin becomes more profitable than mining it, suggesting the support reflects a real floor tied to mining economics.
What's interesting is there's another power law, which is the bottom, and that's the support. Now, in bitcoin's history, from the Genesis block, it's never breached this support. Right? So what that means is that there is a fundamental line where you could say, is bitcoin's value, fundamental value at any given time? And it's probably got to do with a lot of things, one of them being the cost of mining, that if it falls almost to this line or below it, it's actually more profitable to buy bitcoin than to mine it. Any.
