Bitcoin Analyst Disputes Metcalfe Value as Network Growth Indicator

• Willy Woo has downplayed the significance of the Metcalfe Value indicator.
• The indicator claimed Bitcoin’s network growth has stagnated since May 2021.
• Metcalfe Value indicator assumes all Bitcoin network’s newcomers to be equal.

Bitcoin analyst Willy Woo has challenged the significance of the Metcalfe Value in assessing Bitcoin’s growth.

In an X post responding to Alex, head of financial assets at SFO, Woo explained why relying on Metcalfe Value to track Bitcoin’s growth may be misleading.

Alex’s initial post revealed that Bitcoin’s Metcalfe Value currently sits around $28,000, mirroring the level seen in May 2021. This similarity suggested a lack of progress in Bitcoin’s network adoption over three years.

Refuting this idea, Woo argued that the Metcalfe Value metric is flawed in two ways: “a broken thesis, and a broken way to measure t…

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