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So treating a bitcoin investment like venture capital or growth equity makes logical sense because it’s much younger than gold and needs to prove itself to be a worthy competitor over time.

Consider the following thought experiment. What if bitcoin didn’t trade every second of every day? What if, instead, you could only exit your bitcoin investment five years after you invested, and in the meantime you marked the value of the investment at cost?

This is somewhat akin to a venture capital or private growth equity investment. You are locked up for years and, although the investment’s value gets marked periodically, those marks aren’t especially meaningful unless and until you see a real exit.