Valuation by market capitalisation is a huge scam, because the liquidity is NEVER there for such a transaction outside of M&A.
It makes vastly more sense for valuations to take a haircut from market capitalisation with the size of the haircut inversely proportional to the liquidity of the limit order book.
This is all because our financial system legislation is designed by accountants (static asset values), and not merchants (liquidity participants).
The system is antiqued and even if we change the monetary instrument to Bitcoin, we still need the technology to do real time valuations by bid liquidity and not by price of most recent trade.
These small details change the structure of everything.
