Yes, I mean that expectation of returns is an order of magnitude greater in crypto, so I doubt the same ratios apply here. Not sure what a reasonable estimate would be, though.
There is a premium for high growth tech stocks due to the fact that growth is non-linear. We see PE in triple digits. Now Price Dividend ratios are used for companies that have dividends, typically not your high growth tech stocks, which might not even have earnings yet.
During high growth, Price Sales and the rate of revenue growth is estimated as to what sort of growth path it is on
Then earnings are generated and Price Earnings ratios are used, during the early high growth days triple digits, dropping to double digits, even single digits for low to negative growth industries.
Then there are the companies whose value is based on their dividends (remember earnings are accumulated inside the company and not 100% dividended out, especially due to taxes) and the Price Dividend ratio is typically double or more of the price Sales ratio
Money is money and an investment will be evaluated based on rational ROI projections. Granted during the early years a lower ratio will be in place due to the risk factor of crypto in general, but compensating that is the growth factor. In these scenarios of thousands of USD per day of dividends (not just earnings), the growth rate will have to be astronomical as we are starting from a baseline of 0.
If anything I would be surprised at a dividend ratio of 50 as that is more a floor, during the exponential growth years it could easily be 10x that as the revenues would be a small fraction of what it will be. That is what I meant when I said "when the market realizes", so if when we are doing $500 per day of dividends, but have 500 people in slack and 50 projects in the pipeline, it could get a 500:1 dividend ratio just based on people's expectations.
I think google during the early years had "crazy" high PE ratios and the people who didnt understand the coming growth of the internet thought they were overpaying.
James