Amazing (and enjoyable) thread (among all of your resources, content, and insight) - thank you!
What kind of company specific financial metrics and growth rates are most important to you as an investor at this stage of bitcoin adoption? How do you look at balancing investments in specific companies vs any expected returns on bitcoin the asset?
well, the bitcoin companies I have been involved in investing in are very early stage so their current financial metrics aren't really that relevant. I also don't think them being bitcoin-adjacent really makes a difference to the question. what matters is what I perceive to be the long-term incremental returns on capital they will be able to achieve based on the competitive dynamics in the space and there being ample opportunity to reinvest. none of this is remotely original btw - it's just that bitcoin is perhaps uniquely disruptive to established business models, hence I feel like I probably have some edge in assessing the likelihood of success of what are often business models without historical precedent.
on the second question, my answer is a complete technicality, I'm afraid, which is that I only professionally invest in equity and I only privately invest in the asset. if I ever did invest privately in equity, which is probably likely in the foreseeable future, it would be based on personal circumstance, wanting skin in the game, etc., rather than some kind of "portfolio"-esque consideration.