### 4. **Fee revenue ≠ coin valuation in a simple linear wa…

### 4. **Fee revenue ≠ coin valuation in a simple linear way**
The leap from "$3.6B in annual fees" to "hundreds or thousands of dollars per BSV" requires assumptions about:
- What % of fees accrue to miners vs. are burned or redistributed
- What P/E or fee-multiple the market assigns
- Whether miners *need* to hold BSV or immediately sell it
- Competition from other fee-generating networks (Ethereum, Solana, etc. already generating billions in real fees)