I think the implication of Saylor being right about a 5% yield means if bitcoin is appreciating 10% annually in fiat terms, the investments made by the banks backed by the custodied bitcoin would need to return 10.5% (risk free). If bitcoin is appreciating 50% annually then 52.5% risk-free fiat returns would be required.

If those conditions are met, both nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m and nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak are right, right?

I think Saife is skeptical about the investment opportunities that would generate such a yield in the short to mid term. Saylor’s position seems more reasonable long(er) term once bitcoin is more fully monetized.

(Check my math…writing this on a long walk.)