Early Riders Research
From Hobbyists to the World: Bitcoin’s Breakout Phase
Bitcoin is a general-purpose technology, comparable to the personal computer, the internet, and the smartphone, with a similar progression from early adopters to mainstream users.
As with prior cycles, broad institutionalization depends on advances in user experience, security, and standardization. Multi-Institution Custody (MIC) provides the governance, operational resilience, and interoperability required to meet institutional mandates and enable mass acceptance.
While the radical self-sovereignty of self-custody helped propel Bitcoin to roughly $2.3 trillion in market value by enabling direct ownership without intermediaries, it is often misaligned with mainstream preferences and institutional operating constraints.
Read the full report to understand where we are in Bitcoin's adoption cycle, and what is needed to drive the next phase of user onboarding.
Reckoning with the New Cost of Capital
It defies convention logic to conclude it is possible to earn more capital without taking risks. The current monetary framework which proposes the “risk free rate” as being the 10 year treasury yield, is inconsistent with logical and analytical reasoning.
In parallel, a new alternative has been rising from the fringes to the mainstream: Bitcoin.
No longer viewed merely as a speculative curiosity, Bitcoin is increasingly seen by sophisticated investors like Paul Tutor Jones, Stanley Druckenmiller, Tesla, and Figma as a compelling store of value and benchmark asset. This report explores how Bitcoin’s emergence is prompting a fundamental rethinking of the cost of capital, with profound implications for institutional investors, corporate treasuries, and capital allocators across the board.
Why Multi-Institution Custody is Winner Take All
This article describes why custody is the single biggest unlock for Bitcoin adoption, and how MIC is the model that solves it. It covers how MIC works, why it’s better than its predecessor custodial offerings, and how it reshapes custody for bitcoin ownership and corporate custody parters. The report explains the history of money and banking, MIC’s advantages for all parties involved, why financial products are better on MIC, and where the future of bitcoin custody is headed.
Bitcoin is the True Fintech
While fintech has received most of the attention over the past two decades, bitcoin offers a superior alternative to existing systems and the marginal upgrades that fintech has provided by establishing a decentralized, fixed-supply monetary system that is already delivering tangible benefits to millions globally. Unlike the speculative noise of the broader cryptocurrency market, Bitcoin offers a proven, secure, and transformative asset with profound implications for capital preservation and economic empowerment. Herein, we evaluate the shortcomings of traditional fintech, delineate Bitcoin’s operational and economic superiority, and distinguish it from the crowded field of alternative cryptocurrencies, providing a rigorous case for its adoption by discerning investors.
Do More With Less
Human beings are inherently deflationary, and with the acceleration of technological progress, those who combine the highest leverage deflationary tools – software, Bitcoin and AI – will experience the greatest returns on productivity and capital. Humans, teams, and our companies have become drastically more efficient over time as we have leveraged the collective knowledge of humankind to accurately identify challenges, create and refine powerful tools to solve problems, and share education about the most effective ways to collectively utilize those tools. We anticipate that efficiency will continue to accelerate, as we can use our improving tools to create even more sophisticated and useful technologies.
Bitcoin Will Change Capital Stacks
Fiat currencies have distorted incentives for both founders and venture investors alike. This report examines how Bitcoin offers a superior alternative to fiat currency for companies as working capital and a treasury asset, as well as how founders and venture capitalists can benefit from Bitcoin.
Bitcoin is the Hurdle Rate
The hurdle rate represents the minimum acceptable rate of return that a project or investment must achieve to be considered viable. Traditionally, when a project fails to meet this threshold, it is deemed an inefficient use of capital and should be rejected. Investment managers have historically calculated the hurdle rate as the "risk-free rate" plus a "market risk premium." This report examines the limitations of this conventional approach and presents Early Riders' alternative perspective.
Every Company is a Bitcoin Miner
While Bitcoin mining has been predominantly associated with specialized mining firms investing heavily in computational power and energy resources, a compelling argument suggests that every company, regardless of its industry, has the potential to function as a Bitcoin miner. This report explores the thesis that businesses with robust free cash flows and sustainable competitive advantages are better positioned to accumulate Bitcoin than traditional mining operations. By redefining their strategic outlook, companies can leverage Bitcoin's growth to fortify their purchasing power and secure a competitive edge in their respective market.