Amazon’s Real Lesson for Bitcoin The Floor Is Rising While the Market Panics The price crashed. The network didn’t. Price = Network × Multiple P = N × M Amazon: Revenue: $1.64B → $3.12B Network: +90% Stock: down ~95% P/S: 21× → 0.7× The network grew. The multiple collapsed. Bitcoin is the same test: Price = Floor × Multiple 2021–2022: BTC: $69K → $15.5K Drawdown: ~77% The floor did not fall 77%. The multiple did. That is the whole game: Price crashes when the multiple breaks. The thesis breaks when the floor breaks. Amazon survived because its network kept growing. Bitcoin’s test is no different. Watch the floor.
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