Thanks to crypto, the kinds of people who hung out on bitcointalk in 2012 are going to be allocating a *lot* of capital in coming decades. One of biggest spillover benefits of the space may be all the weird stuff they choose to back next.
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@patrickc-কে উত্তর দিচ্ছেন
I wonder does that statement map across asset classes. EG, "thanks to <gold, the kinds of people who like gold> are going to be allocating a lot of capital in the coming decades". That's probably true, too-could it not just be an artifact of monetary policy, and so just a bubble?
২ replies ০ টি পুনঃটুইট ৬টি পছন্দ -
@stephenkinsella-কে উত্তর দিচ্ছেন
Well, I think it requires an explosion of value and large absolute size in the asset class. Crypto currently has both of those characteristics. So did/do tech equities, of course, and second-order effects of that wealth creation have indeed been quite significant, I think.
৫ replies ১ টি পুনঃটুইট ৩৬টি পছন্দ -
@patrickc-কে উত্তর দিচ্ছেন
Consider a 'Volcker'-type scenario where monetary policy goes from super-accommodating/near zero to (say) 15%. Assets like crypto would just get wiped out, would they not? Bonds/Tech equities would cope, but only by changing strategies dramatically.
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@stephenkinsella-কে উত্তর দিচ্ছেন
I’ve no idea what will happen to crypto prices as a general matter... in this scenario, perhaps such an extreme hike would be taken to indicate a return to a more 70s-like regime, and back then interest rates and gold prices comoved!
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@patrickc-কে উত্তর দিচ্ছেন
Also not just thinking about gold but the wider (now utterly massive, in future even larger) universe of potential financial assets you could hold in say 2029
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@stephenkinsella-কে উত্তর দিচ্ছেন
Yep. Although even setting those future issues aside, I presume(?) some holders have already exchanged their large crypto holdings—or some significant chunk thereof—for USD. And so I suspect asset class already large enough to trigger the effect.
২ replies ০ টি পুনঃটুইট ৬টি পছন্দ
The effect being people take capital gains from crypto, pay taxes on that, then use that to stake Son of Stripe, etc., then Grandson of Stripe if 1st round successful?
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