Oddbean

There’s a lot of money tied up in people who think exactly like him. This is the reality of financial systems. They want “yield” if not is a not performing asset no matter how much it intrinsically goes up. There property which goes up abt 5% a year but gives a yield of about 3%. They’re obsessed with yield but this is who money managers are. Take it or leave it but the vast majority of rich people think like him.

There’s a dichotomy here. Saif: Bitcoin is going to outperform all assets and as people realise this they are going to ditch other assets for bitcoin. This leads to increase in value of bitcoin and a representative decrease in all other assets which will go to their utility value. Therefore bitcoin is going to be the most precious asset and it’s going to take a huge incentive for someone to pass with it. Saylor: Bitcoin is going to outperform all assets and there’s going to be a representative decrease in other assets but people are going to continue to value these assets above their utility value and Bitcoin will be a precious asset but others will continue to have value, some more than bitcoin.