Most Bitcoin valuation debates are flawed from the start. They assume there’s a single “right” model. There isn’t. What this framework shows is simple but powerful: You’re not looking at one forecast — you’re looking at a multi-model valuation surface. Calendar time vs protocol time. Mean vs median vs tail risk. Log vs linear scaling. Each model captures a different regime. And Bitcoin doesn’t stay in one regime. It shifts — with liquidity, with supply shocks, with adoption cycles. So the real edge isn’t predicting price. It’s knowing which model the market is pricing in right now. Treat any single line as truth… and you’re not analyzing Bitcoin — you’re simplifying it.