I wonder how many more “cycles” we even have left. Do you think that, at a certain point, as adoption becomes widespread, the bull/bear markets will be more mild?
Discussion
Liquidity begets liquidity. 2013 wasn’t liquid enough for Saylor to get in. 2021 not enough for Apple or large sovereign wealth funds. Also, eventually, the Veblen Good effect kicks in and suddenly destroys the bond market. Eats the monetary premium of equities and real estate too. Then it will forever track some distribution of global vs local GDP + periodic (much smaller) rehypothecation booms/busts.
I agree with this though I think high quality stonks and real estate will alway carry a small monetary premium.
Will be interesting to see the timeframe for things to play out. If I were to guess Bitcoin will hit the major inflection point in 10-12 years. Maybe as long as 20. Maybe as few as 5.