Token Trust

Token Trust

Foundations: Why Bitcoin Is Being Reframed as Capital

Chip Mahoney's avatar
Chip Mahoney
Mar 16, 2026
∙ Paid
Crypto market structure diagram showing Bitcoin within the Rectangle of REKT and a smaller Value Capture Triangle inside the system.

Bitcoin is often described in simple terms.

Digital gold.

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A hedge against inflation.

A speculative asset that moves in cycles.

But something subtle has been changing in how markets talk about Bitcoin.

It is increasingly being f…

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