[phas0ruk]

Btc is a more akin to a commodity like gold, which also has no cash flow. It can’t be valued by dcf’ing cash flows, hence methods like stock to flow for valuation or comps.

Pos assets like Eth also have a running yield so you can discount cashflows on those.

[hankchinaski]

Gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time. Cryptocurrencies require a sustained amount of interest in them.