Are Cryptocurrencies Really Overvalued?

We continue to see the contrarians tell use that Crypto is in a bubble; that Crypto is overvalued; that a massive correction is looming....but is it true?

When we deem something to be overvalued we consider it to be in excess of it's true worth....but who are we to say what that value of true worth is, because worth is defined differently by each of us. Is Bill Gates, the richest man in the world, worth $86 Billion? Not to me he's not; so does that make him overvalued - certainly not according to many. The same can be said about Bitcoin, or various Alt coins - some of them are just at the beginning of their development stage and the true value is yet to be seen - so how can we say they are overvalued?

I came across this interesting illustration from Forbes that highlights the worth of some of the richest people in the world. To put things into perspective - Bitcoin is currently worth $66B - there are individual people in this world worth more than that...so to say Bitcoin or Crypto is overvalued is perhaps a bit of a stretch.

Crypto is still in the infancy stage - when it has the market cap of gold ($7 Trillion) then we can start talking about overvaluation. Until then....HODL.