Bollcoin, October 22: Zach Pandl, Head of Research at Grayscale, said Bitcoin — a digital commodity and decentralized alternative to fiat currency — should be valued as "digital gold," while many other crypto assets can be valued on fundamentals through cash flows. He noted that onchain applications generate fee revenue from activities such as trading and lending, and that after deducting supply-side costs, protocol earnings can be used to assess their economic value; token buybacks, burns and staking distributions also affect how value flows to holders, while new issuance and token unlocks can cause dilution.