Since the genesis block, every capital allocator has been benchmarked against a new hurdle rate; most just haven’t realized it yet.

Bitcoin is the world’s new cost of capital, and outperforming it — read: stacking more sats over time — is the only rationale for putting money to work. More here:

https://ten31.vc/insights/outperforming

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Welcome back, sir. 🫱🏼‍🫲🏻

Great article. Thanks, John.

BULLISH.

Great article.