Why? The Lindy effect, the longer it's around the more likely it is to persist. Hash rate, the adoption, the institutionalization and financialization of Bitcoin by Wall Street, the clear regulatory environment. And I could go through thing after thing after thing. So, if it is less risky than it was 5 or 10 years ago, you should expect a lower return going forward. By the way, though, lower return does not mean no return. Lower return just means it used to go up 100% a year, maybe it goes up 30% a year now on a compounded basis. Well, the stock
Hash rate, the adoption, the institutionalization and financialization of Bitcoin by Wall Street, the clear regulatory environment.