We are at the end of @RayDalio’s long term debt cycle. Equities are bid to extreme valuations. Real estate is bid to extreme valuations. Fixed income remains at extreme valuations. The endgame of the long term debt cycle is fiat debasement. The only escape valve is hard money. Gold was the hardest money of the past. Bitcoin is the hardest money of today. As the cycle continued to unwinds, bitcoin may absolutely demolish all asset classes.(Joe Burnett, MSBA)