I’d wager it’s deeper than that. Economies of scale force proximity in subtle ways. Finance shouldn’t need to be concentrated, but for a host of reasons most of it is, and a start-up looking to sell to it benefits from proximity. Even crypto largely retread those old paths.

That said, there are business which do not benefit from this sort of scaling. They will be dispersed. If the supplier similarly doesn’t have scaling economies, something I’d argue most non-Fortune 500 consulting does not, then yes, remote-remote will win.

For what it’s worth, I work 90% remote. And I’m in a sales-type capacity. But the only people I work with almost entirely remotely are those who are themselves remote. And even then, in-person meetings usually add value.