Onramp Bitcoin Media The Last Trade E001: The first Last Trade, Bitcoin is Superior to Real Estate
May 26, 2023
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Bitcoin As The Last Trade Out Of Fiat
- The Last Trade frames Bitcoin as the "last trade" out of the fiat system and the biggest secular investment opportunity today.
- Hosts highlight $900 trillion of global asset value with Bitcoin at ~ $500B, implying huge upside if Bitcoin reprices relative to bonds, real estate, and money.
Why The 60/40 Portfolio Looks Broken
- Dylan argues the 60/40 portfolio is effectively broken as the secular bond bull market has peaked and rising rates squeeze leveraged real estate buyers.
- He warns the fastest tightening cycle ever combined with record debt makes a real estate downturn likely as marginal buyers get exhausted.
Why Housing Became So Unaffordable
- Jesse traces housing unaffordability to going off gold in 1971 and four decades of falling interest rates that inflated real estate prices relative to incomes.
- Today home prices average ~7x annual income versus 2.5x in 1981, and rising rates reverse that dynamic.