When bitcoin gets more adoption, the 4-year appreciation rate will set the risk-free rate for all investments. All companies will be forced to maximize the value of their assets or prune back their balance sheets through asset sales. I expect “Big Tech” will be selling a lot of their assets. Stock returns will be forced to compete with bitcoin returns and most large companies will not be able to keep pace. Across the board, companies that have benefited from lazy monetization of a large network effect will be fundamentally transformed as traditional stock holders choose to save using bitcoin rather than invest in stocks. Bitcoin is going to decentralize and shrink modern commerce. Through that process, some of the network effect monopolies (e.g. iPhones) will be toppled.