# kaal:claim:4033886-034

**Claim.** Digital assets resemble high growth companies for valuation purposes, so scenario planning is essential and business leaders must reason backward from the future rather than forward from the present, because the relevant markets may not yet exist.

**Type.** design  **Support.** argued

**Holds when.**

- assets whose markets have not yet formed

**Source quote.**

> Digital assets are comparable to high-growth companies, where scenario planning is critical because markets may not yet exist.129 In such a case, business leaders must start from the future rather than the present.

**From.** Wulf A. Kaal, Samuel Evans, Hayley Howe, *Digital Asset Valuation* (2022), IV.2.a Market Approach, page 32

**Cite as.** Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886

**Verify.** sha256 of source PDF `52ba05b1292b1be4bfaf1ee5cf56b14fea9c196d870603e794d7ee316df129bd` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20et%20al.%20-%202022%20-%20Digital%20Asset%20Valuation.pdf

**Topics.** economics

**Keywords.** scenario-planning, high-growth-valuation, digital-assets, market-formation

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