Bitcoin

The value accreted to the Bitcoin network is not only that initial slug of capital in the form of the treasury transaction, but also the discounted future expected cash flows from future sweeps into that same treasury. And I think this is an incredibly interesting way to look at it because I've never seen anyone in Bitcoin that studies it closely that becomes bullish, that ever becomes less bullish. Every decision you make to increase your allocation of Bitcoin is putting game theoretic pressure on all of their market participants to do the same. It's a game of front running or taking as much territory on the network as possible. This has a really interesting effect of intertwining the fate of Bitcoiners together in a way

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