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.

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.

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.

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.