Based on what metric? Seriously i honestly don't think there is a valuation metric that can be applied that take into consideration the fundamental differences in this investment vs any other the world has ever known. Not to be argumentative but i just started researching Bitcoin a few months ago when it hit the mid 2000's and haven't been able to stop calculating the possibilities of this new tech. Granted Bitcoin might not be the game leader 10 years from now. However it will undoubtedly be the safe haven asset in the next few years within the blockchain sphere. For better or worse Bitcoin is blockchain for the next few years and betting against blockchain is like betting against freedom.