Bitcoin as the Financial Benchmark

This chapter examines the role of Bitcoin as a hurdle rate for evaluating investments and expenditures, emphasizing the need for investments to outperform Bitcoin. The discussion highlights the transformation of traditional venture capital in the face of Bitcoin's rising significance, as well as the implications of equity dilution and the pressures within financial markets. Additionally, it explores the evolution of Bitcoin treasury companies and their dual role as both innovators and provocateurs in the investment landscape.

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