Correct. You must beat the "hurdle rate" of bitcoin return, that is the true cost of capital. So at 100% annual return the market tells me to hold bitcoin and make the money more scarce and sound, but when bitcoin gets to a sufficient size in market cap that rate will drop (logarithmic progression). As it drops other activities will yield a higher return, but the beauty is that people will be highly selective in their investments and malinvestments will be greatly reduced... an efficient capital market emerges.