Evolution
“Evolution” – A cartoon that illustrates the evolving narrative of Bitcoin value and how today we have arrived at a demand for productive Bitcoin.
“Bitcoin is a peer‑to‑peer electronic cash system,” wrote Satoshi Nakamoto in 2008, and in 2010, 10,000 BTC famously bought two pizzas, which is today worth over $600 million.
As adoption grew and block rewards halved, Bitcoin earned the label “digital gold,” a term popularized by the Winklevoss twins, becoming a scarce, inflation‑resistant asset that closely mirrored gold’s supply narrative.
Now, following Ethereum’s stETH approach, the market is embracing a Bitcoin‑native alternative: BTC‑backed products that generate real yield, aligning with MicroStrategy’s strategy of holding and leveraging BTC as productive capital. According to Todd Bendell, Managing General Partner at Amphibian Capital, “for allocators thinking in decades, BTC‑on‑BTC yield opens the door to a more productive bitcoin strategy – one that matches conviction with action.”
