The question is why do people accept 11.5% returns when they know bitcoin is powering those returns and they could just hold the underlying asset self sovereign.
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People who need to have cash on hand for stuff like to have a cash equivalent earning enough yield to make up for inflation. It’s all well and good for people with 100s of btc to not give a crap about having cash on hand, but for the plebs the idea that your 20k you saved for your bathroom remodel is now worth 15k is awkward for planning.