John Arnold's take on why early-stage investing in Bitcoin differs from fiat venture capital. These points stood out and echo what many Bitcoin-focused angels and funds prioritize: Bitcoin as Opportunity Cost: Bitcoin-native investors assess every deal against the benchmark of simply holding Bitcoin, setting a high bar for capital deployment. Profitability & Speed: Preference for startups that can become profitable quickly, stack sats early, and minimize dependence on follow-on funding or dilution. Aligned Incentives: Founders, teams, and investors often personally hold Bitcoin, creating a shared equity mindset across the ecosystem. Open Source as Force Multiplier: Most Bitcoin startups build on shared open-source infrastructure (e.g. BDK), enabling lean teams to ship faster and collaborate with less friction. Network Effects Across Portfolio: Unlike traditional VC portfolios with disconnected sectors, Bitcoin companies often benefit from each other’s progress through shared standards and interoperability. Post-Easy Money Mindset: Generalist VCs still follow a playbook shaped by years of artificially cheap capital—burn cash for growth, chase markups, and rely on future rounds. Bitcoin VCs see that era ending, and instead emphasize capital efficiency and durable returns. Ecosystem as Shared Project: Every company contributes to and benefits from the broader Bitcoin network, making the entire portfolio stronger as the ecosystem matures. https://fountain.fm/clip/Hff10TRb1kzQRNo8AJCC https://fountain.fm/episode/Q89gPQcVfAtQkaRBZRs0 📝 a6027686…