As a sell-side analyst at Salomon Smith Barney, from 1999-2005, I participated in the due diligence, banking, and marketing of numerous oilfield service, drilling, and equipment IPOs. In which, the goal was to offer the stock at a price enabling management to “under-promise and over-deliver.” In other words, liberal enough to maximize funding; but conservative enough to ensure - barring significant operational or systemic issues - a rising stock price in the critical early stages of public ownership.
In BRhodium’s case, this decentralized protocol with anonymous developers is not “going public” or “securing financing”; and I am not “working” for “the company” - but instead, promoting its virtues as a Bitcoin holder receiving it as a free cryptodividend. Which, it turns out, I believe in very strongly – as one of the few altcoins with a viable long-term use case…so powerful, it could one day be viewed as the “Berkshire Hathaway of cryptocurrency.”
On January 9th, just as the BTR registration period was ending – amidst a raging cryptocurrency market, featuring an epic altcoin bubble – I penned “what will BRhodium trade at”…in which, I used BGold (then, trading at a $4 billion market cap) as BTR’s best valuation proxy. A conservative one, in my view, as I don’t think BTG has any use case other than speculation…as opposed to BTR, which is not only the first altcoin distributed via an airdrop to BTC holders, but offers “ultra-scarcity” that Bitcoin itself cannot subsume.
Fast forward to today – when altcoins have surged, crashed, and renewed their bull market trend. Meanwhile, BRhodium’s developers have advanced the project the “right way” – to the point that we are within weeks of launching a secure, well-supported coin; which airdrop registrees have already received; that likely will trade on at least one well-known exchange (my expectation).
My contention has always been that ultimately, BRhodium will be more valuable than all Bitcoin cryptodividends to date - with the possible exception of BCash, given the force of the funding and marketing behind it…with the caveat, to those that think this valuation anomaly can persist indefinitely, that BCash has absolutely ZERO use case, for anything other than speculation and manipulation.
Today, the three biggest Bitcoin cryptodividends - after BCash - are BGold, BPrivate, and BDiamond; all of which, have ZERO use cases, in either the short or long-term. Currently, their market capitalizations are $1.3 billion, $1.1 billion, and $700 million, respectively. Thus, my initial “target range” for BRhodium, when it commences trading in the coming weeks, is simplistically, $700 million to $1.3 billion – which, assuming roughly 1 million BTR “shares outstanding” (the other 1.1 million will take 100 years to mine), equates to an “IPO price” of…$700-$1,300 per BTR.
Lots can change in a few weeks, but if trading commenced today, this is my initial, conservative expectation. Over time, I expect BTR will be worth more than all prior Bitcoin cryptodividends – although clearly, the health of the cryptocurrency market in general (i.e., the Bitcoin price) will be the most important variable effecting its price. Will it one day be worth more than the CryptoScam BCash, too? Only time will tell – but if use cases are the determining factor, the answer is an unequivocal YES!