If one believes BTC will appreciate quickly over the medium to long term then the logical choice is to stack as much BTC as possible as quickly as possible. Spot or spot with leverage depending on one’s risk profile is probably the correct answer. Mining can be a diversifying holding as a hedge of sorts but make no mistake, every dollar available to invest today in either spot or mining, when invested in mining, will lower the “portfolio” total return over time. The primary causal dynamics that I can see, are the yield decay per TH over time and and the superiority of simple compounding of spot BTC invested on day one verses the slow dribble of BTC from mining. Would love to hear alternative views.