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BTC185: AI Compute with Bitcoin Mining w/ Andrew Edstrom and Jesse Myers (Bitcoin Podcast)
We Study Billionaires - The Investor’s Podcast Network
Comparing Bitcoin, Gold, and Bonds as Asset Classes
Asset classes are engaged in perpetual competition for investor capital, leading to fluctuating growth and contraction among them. Currently, Bitcoin is a relatively small asset class at around one trillion dollars, constituting only 0.1% of global assets, in stark contrast to gold, which stands at approximately 12 to 16 trillion dollars. The analysis highlights that traditional bonds are under significant pressure due to soaring sovereign debt levels and persistent annual deficits in the U.S., projected to continue for the foreseeable future. The nominal yields on bonds are forecasted to lag behind inflation, resulting in a net negative effect on purchasing power for bondholders. In comparison, Bitcoin’s model is designed for increasing scarcity, with its supply growth diminishing from 1.8% to 0.9%, now surpassing gold's growth rate of 1.5% to 2%. This transition positions Bitcoin as a superior store of value relative to gold, as its scarcity mechanism promises future appreciation. The overarching sentiment is that while Bitcoin's market cap is small, its inherent properties make it a more attractive asset compared to both gold and bonds, which are seen as diminishing in real value over time.
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