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Michael Novogratz: We should be valuing Ethereum like Wall Street values Facebook:

With cryptocurrencies, there are no cash flow statements or balance sheets an investor can analyze to get a good sense of their intrinsic value. This makes it hard for conservative Wall Street players like Warren Buffett — who analyze their investments by discounting cash flows — from dipping their toes into Bitcoin and cryptocurrency.

According to hedge fund manager Mike Novogratz, though, Ethereum’s dollar value is predicated on the concept of a network effect — which is an economic concept that the value of a network (be that technology or money) is predicated on how many people use it.