Analyst says 94% of bitcoin's price movement over the past four years can be explained by one equation

Business Insider FundStrat cofounder Tom Lee says, "if you build a very simple model valuing bitcoin as the square function number of users times the average transaction value. 94% of the bitcoin moves over the past four years is explained by that equation." Thismodel is based on Metcalfe's law, which says the value of a network is proportional to the square of the number of users on the network. Based on this model, bitcoin has been trading at a level above the price projected by the model. Fun...