That is why I included the caveat “under its current bastardized version”. We have a manipulated cost of debt by 12 people in secret meetings. If we had hard money and a true free market cost of debt, the capital structure would shift to equity only over time.

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BoomTown's avatar
BoomTown 1 year ago
I would expect decentralized debt markets will flourish. Even under a bitcoin standard if I was to buy a business or buy farm land, I would want to finance it with as much debt as I could raise and keep as much of the equity as I could. For financial upside AND for governance control of the venture.