A 5% risk-free rate is the number QCP Capital was pointing at last week when it called this the worst mix for Bitcoin: a competing yield that high without a growth impulse behind it. Every duration asset gets discounted harder, and an asset generating no cash flow at all has the least to offer against it. More than $8.4 trillion in government securities roll over before year-end, which is the structural reason this pressure does not simply resolve after Wednesday's meeting.