“Proof of work” isn’t easy for anyone. If bitcoin rips like we’re talking about then the impacts on commerce and corporations will be profound. Assets will be for sale for “cheap.” Lots of people will have to do things to keep their stacks. It’s a feature, not a bug.

BlackRock, for example, might find very little demand for other portfolios they manage. They might see their stock holdings in other companies go to zero. BlackRock doesn’t win just because they’re the biggest. In fact, that might work against them.

Also “Bitcoin + __assets__” collateralized loans will become a thing. Which will reduce the interest payments on loans AND increase their duration.