The message of the Sharpe-Lintner Capital Asset Pricing Model is that the expected yield on a capital asset will be an increasing function of "beta", which is a measure of risk that indicates how correlated the asset's value is to changes in the value of the "market portfolio". The key point is that asset holders don't care about any of the benefits and characteristics of the asset as something useful. They only care about expected return, and how much of that they require depends upon risk. The implication here is Bitcoin is likely to be rendered obsolete by advances in technology that enable crypto suppliers to give holders higher expected return and/or lower risk. Once such an asset emerges, BitCoin's value will collapse to zero. All of this is just an expression of the instincts of an economist trained decades ago on this precise topic. I did my dissertation on exactly this issue. My dissertation was never published, but I am probably one of only 100 or fewer economists who understand the math for this problem. (It involves an "overlapping generations model", and the analysis involves the study of a first order nonlinear difference equation. Under general conditions, all but one path is ruled out. The study of such models gives the economist an understanding of what determines capital asset values. The Sharpe-Lintner model was popularized by Eugene Fama at the University of Chicago in the early 1970's. It is associated with the emergence of the "efficient markets hypothesis".