#bitcoin clearly sets corporate treasury risk measurement.

Imagine three identical companies, one that holds its bitcoin, a second that lends its bitcoin for return, and a third that converts and reinvests all profits back into its business operations.

You could say that the last is a growing company with better returns than #bitcoin

The first is plateauing in growth terms

The middle company that lends it bitcoin is risk-taking in a separate industry and should be measured as such

#bitcointreasury

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Discussion

The last company bets on itself, the first bets on #Bitcoin, and the second takes on additional counterparty risk. In the long run, which strategy outperforms? Depends on how you define 'better returns' growth in fiat terms or in sats? #BitcoinTreasury