If you put your capital at risk today and don’t get “SATS FLOW” for 4 years, that might not be as good as just holding Bitcoin and spending it slowly while waiting for the next bull run. Depends on the discount rate you assume.
Discussion
The 🌽 bar is tough.
It could be some LPs cannot or do not want to buy Btc directly. Some explicitly look for VC as an asset class as part of their portfolio.
You could choose 1 of 10,000 VCs doing the same SV thing, or you could place a bet on 1 or more of ten or so VCs looking through a 🌽 perspective.