David wrote this essay in early 2021, at the height of Bitcoin’s last bull market, and I think the insights are even more valuable now as we enter the early innings of Bitcoin’s current bull market:
The second unfortunate realization I have come to is that Bitcoin is (or soon will be) just about the only investable asset on the planet for the foreseeable future. This may sound like a preposterous statement, but it isn’t. Believe me, I have looked high and low for viable alternatives in order to diversify my portfolio and there simply aren’t any at the moment
And he shares this chart:
Fiat currencies — pretty clear that global inflation will continue to be a problem for the next 5-10 years (and I can’t help you if you believe the mind-virus that is “2% inflation is good for the economy”)
Of the above, other than Bitcoin, I tend to think stocks will do ok, and probably real estate because civilization would collapse if peoples’ home values fell in half. People start marching and burning things when that happens. So that, and bank collapses, are what governments will do anything to prevent (witness China now, and US after 2008).
