# kaal:claim:3782192-036

**Claim.** Bitcoin and Ethereum are worth hundreds of billions of dollars not because people are using them but almost entirely because of speculation on their future value, which is the expectation that people will use them to build decentralized autonomous organizations.

**Type.** empirical  **Support.** asserted

**Holds when.**

- cryptocurrency network valuations as of the time of writing

**Source quote.**

> These networks are worth hundreds of billions of dollars, not because people are using them, but almost entirely because of speculation. People see the future value of these tools. Their future value is the dream that people will use them to build DAOs.

**From.** Craig Calcaterra, Wulf A. Kaal, *Introduction to Decentralization* (2021), Future, page 10

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Introduction to Decentralization (2021). SSRN: https://ssrn.com/abstract=3782192

**Verify.** sha256 of source PDF `e7eafd56cb8a8bd15b64cf58216bb655f939bdcc296387e362fd9191976d67ae` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20and%20Kaal%20-%202021%20-%20Introduction%20to%20Decentralization.pdf

**Topics.** tokenomics, economics, dao

**Keywords.** bitcoin, ethereum, speculation, valuation, daos

**Related claims.**

- supported_by: https://wulfkaal.github.io/claims/3782201-021

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.