BTC Breakeven ARR tends to break brains, and I think it is important to understand why. There are three broad Bitcoin views: 1. Bullish Bitcoin (Amplified Bitcoin) These investors believe Bitcoin will appreciate significantly. If they can borrow long duration capital at <20% and believe Bitcoin's future CAGR will be above that, they are willing to raise capital to buy more Bitcoin. 2. Neutral Bitcoin (Digital Credit) These investors have a much lower required Bitcoin hurdle rate. Per @saylor's post, if Bitcoin grows at just 3.3% per year, they can fund current dividends forever from Bitcoin capital gains. That is a very different bet than “Bitcoin will compound at 20%+.” For context, historical USD M2 supply growth has been ~7% annually. BTC is a perfectly scarce monetary asset with 0% long-term supply growth. So the digital credit buyer does not need to be a massive Bitcoin bull. They mostly need to believe Bitcoin doesn't die and stays somewhat inline with USD inflation. That is a much broader audience. In fact, this may be the global consensus view on Bitcoin at this point. 3. Bitcoin bears If you believe Bitcoin is going down forever, there are also ways to express that view. You can short Bitcoin or short Amplified Bitcoin. That is what makes this situation so interesting. Capital now has three clear expressions: Bullish Bitcoin: own Bitcoin and Amplified Bitcoin. Neutral Bitcoin: own Digital Credit. Bearish Bitcoin: short Bitcoin or Amplified Bitcoin. Every major capital allocator now has a Bitcoin-linked instrument that maps to their worldview. That is how $1,000T+ of global capital starts to move into Bitcoin.(Joe Burnett, MSBA)