In an interview at CNBC, Meltem Demirors, CSO at the digital asset management firm CoinShares, said that since it is hard to pinpoint the narrative of Bitcoin and other cryptocurrencies, it might take a long while until they gain in value. She says that for a new technology that will shift the paradigm in the way cryptocurrencies and Bitcoin could, it is going to take a long time to understand the metrics behind it.

While price itself is a bad metric, Demirors believes that by measuring utilization, one could have a better idea of the possible growth of cryptocurrencies. The two metrics Demirors used to measure utilization during her time working with early-stage investments was the total addressable market and the penetration rate of that market.

As an example – Bitcoins total addressable market is vast, covering things such as gold and the money supply itself. By figuring out the total addressable market and then calculate how much of that share Bitcoin has, one could figure out how much there is left for Bitcoin to grow.

For other cryptocurrencies such as Ethereum, a better metric would be things such as cloud computing. Demirors says that for Bitcoin and cryptocurrency to grow, a lot of it is a matter of finding those metrics.

However, Bitcoin has been on a downward slope recently and Demirors said that it isn’t clear when Bitcoin might begin to regain value, or what that might look like. But progress will depend on determining which metrics are best for measuring a cryptocurrency’s growth.

Demirors also believes that the growth of cryptocurrencies is similar to that of early internet stocks such as Amazon, which took 9 years to recover its value from 2000 to 2009. She also lists other internet companies that have experienced similar events such as Intel who recovered after 15 years, and Microsoft at 17 years.

But many crypto bulls are expecting to see more growth in the future. Demirors says that while this might be a good opportunity to get in, not many are currently looking at Bitcoin as a store of value since the current narrative is lost.

However, while the Bitcoin bubble might have burst, Demirors says that there is now real businesses with real purpose getting deployed in cryptocurrency.

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