
$77k is 47% below the long-term adoption path. Pure-scaling P10 implies 11× in 10 years. The pure-scaling P10 path implies an 11× multiple over ten years with 27% CAGR with the same power-law relationship continues. That is not a floor or a target. It is the historical 10th-percentile residual applied to the unchanged exponent. Every exogenous shock has failed to rewrite the spine. Short-term price is still noise. The long-term process is intact and the gap is large. This is accumulation territory, not a broken thesis.
