Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fortieth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:28 Origins of metric 01:54 Numerator: Market cap ($) 03:42 Denominator: Trailing-12 month miner network revenue ($) 05:55 Ratio recap and importance 09:10 "Price-to-sales" (PSR) ratio for Bitcoin 10:30 PSR: All-time low 16:20 PSR: All-time high 19:37 Basic interpretation of low and high PSR Here we compare the Bitcoin network supply in USD-terms (otherwise known as the market cap) with the miner trailing-12 month revenue (block reward + fees) across the entire network. This gives us a gross "Price-to-sales" ratio; in other words, how many multiples the network is worth versus network-wide revenues, at any given time. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.