I can't seem to shake the notion that Bitcoin used to primarily compete with other assets. It may now begin to compete with other iterations of itself within systems such as Bedrock.
At first that seems insignificant. Most likely it is not .The more time I spend looking at BTCFi the less it seems like a market determining which Bitcoin merits capital and more like a market determining whether to hold Bitcoin. not the actual asset. The route. the cover. the path of yield. The person behind it. Ownership begins to take a backseat to allocation at some point.
And that's when things start to get weird.
From a distance a Bitcoin moving through a yield engine and a Bitcoin sitting idle might appear to be the same. same resource. same scarcity. However the system starts to handle them differently. One participates. One waits. Reputation is earned via usage. Economically speaking, the other is still silent.
I keep delving further into this and discovering the same pattern. Bitcoin is no longer being evaluated by Capital. Capital is assessing the Bitcoin related infrastructure. Asset selection gives way to capital routing in a covert manner.
Perhaps that is the secret alteration within Bedrock.
not a market where Ethereum and Bitcoin compete.
a market where Bitcoin begins to compete with other profitable Bitcoin varieties.
the asset stays the same but the path starts carrying the signal
Additionally I am not sure that the traditional notion of just holding Bitcoin will behave in the same way once capital starts ranking paths rather than assets.