With interest rates 20%+ it makes the entire supply chain more expensive to manage. Then private actors can’t achieve a profit shipping industrial-scaled, seed oil-based food to Selma, Alabama. And so local options (not seed oil based … admittedly few at first … ) will emerge to meet the local demand.

The cost of capital these mega industrial processes (energy, food, internet, etc.) are all discounting their cashflows using a federal funds rate of 5% + their cap stack betas.

When bitcoin sets the risk free rate at 20%+ they can’t afford to operate and maintain the capacity they have built out. None of these major corporations can.