BroadChain News, April 22, 16:30 - Bitwise advisor Jeff Park stated bluntly in a recent podcast that the current financial system has lost its meaning for young people, especially against the backdrop of high housing costs and the potential for AI to replace a large number of jobs. He pointed out that real estate is essentially a depreciating asset, and tax laws allow depreciation deductions over 20-30 years, which itself proves its devaluation nature. Average housing prices in Manhattan have not risen over the past decade; only top-tier luxury homes serving as stores of value have truly increased, while ordinary housing prices have even fallen or stagnated.
Park emphasized that the average age of US mortgage applicants this year has reached 59, and these individuals are purchasing third or fourth homes, directly competing with first-time homebuyers who are young. In New York, renting is economically more sensible because the net yield on owned homes is less than 2%, even below 1%, making it less advantageous than investing in money market funds. He proposed that Bitcoin, as a store of value that requires no maintenance, occupies no physical space, is not taxed, and cannot be confiscated, has already surpassed real estate.
Regarding the impact of AI, Park predicted that AI will trigger the largest wave of Bitcoin adoption globally. He believes that AI is stripping away human autonomous decision-making ability, and Bitcoin and AI share the same logical core of energy consumption. The "awakening moment" for Gen Z and Gen Alpha will be "occupying AI," as they discover Bitcoin's value through the pain of competing with AI for jobs. Additionally, Park is optimistic about real estate tokenization, arguing that it allows ordinary people to invest in long-tail assets like top-tier wine and yachts with as little as $100, fundamentally transforming the financial system.