My big-picture thesis is that money is shifting from the physical world to the digital one. Think of it like monetary energy flowing from physical assets into digital assets. This transition will probably take a couple of decades to fully play out.

Right now, most billionaires still hold the bulk of their wealth in physical assets. Roughly 50-70% is tied up in real estate, and the rest, around 30-40%, is in equity of their own companies or other businesses.

The turning point comes with Bitcoin and other digital assets. Once Bitcoin broke past $500k, we will start seeing a new class of billionaires emerge who built their wealth digitally. When the existing billionaire class starts reallocating from physical to digital, that’s when the shift really accelerates and becomes obvious to everyone.