I thought this analysis by Raoul Pal in a recent Real Vision interview was interesting:
And
also, if you think about the set of opportunities that baby boomers had when
they were in their 20s, right, they had the whole demographic wave in front of
them. And they had equities by 1982. Repeat of seven in the S&P. They had
interest rates at 15, 16%. So, they had the best setup in history to accumulate
wealth, right? Nobody's ever been given that before. You cut to the millennial
now, they've got the most expensive stock market in all history. They've got
bond market that yields nothing. They've got real estate that is incredibly
expensive that they can't buy. They have the absolute inverse of what the baby
boomers have then. They have one thing, and that is crypto. Right. If there's
one thing on a [30-year] pension retirement horizon that has the probability of
going to a huge number, it's this area. That's the way I think of it. Yes,
there's a whole bunch of other investments and you could do VC and stuff like
that. But if there's one option bet that could pay off a thousand x, it's this.
And so, if you're a millennial, you forget gold, because yeah, sure, gold may
double. It may double again. But it's not going to have the same performance
over time that cryptocurrency could if you get the right bets. Yeah, that's how
I'm thinking of it.
