The risk free return you can earn on your bitcoin lending it out to blockfi? Lol
It’s a good question, it should be positive, but I don’t think we’ve figured that out yet
Discussion
If you put your capital at risk today and don’t get “SATS FLOW” for 4 years, that might not be as good as just holding Bitcoin and spending it slowly while waiting for the next bull run. Depends on the discount rate you assume.
The 🌽 bar is tough.
It could be some LPs cannot or do not want to buy Btc directly. Some explicitly look for VC as an asset class as part of their portfolio.
You could choose 1 of 10,000 VCs doing the same SV thing, or you could place a bet on 1 or more of ten or so VCs looking through a 🌽 perspective.