I think there’s going to be a ChatGPT moment for real estate. I don’t know if it happens in 1, 2, or 5 years, but I think it’s coming.

And when it does, it could completely change how people think about real estate as a store of value. We’ve already seen something similar happen with software. Things that used to take teams of engineers months to build can now be done in days, sometimes even seconds, because a general-purpose technology suddenly became capable of writing code. That changes the economics around the whole thing.

I think real estate will eventually have its own version of that moment. And when it happens, it doesn’t necessarily mean prices immediately go down. The bigger change will be in how people value it and where they want to store their capital.

For hundreds of years, people have treated real estate as one of the safest places to preserve wealth. Once that belief starts to weaken, new capital may stop flowing in and existing capital could slowly start moving elsewhere.

From that ChatGPT moment onward, maybe over the next decade or two, a lot of the monetary premium attached to real estate could gradually disappear. At that point, people may start questioning whether physical assets are really the best store of value anymore.

And that’s when they might start looking toward a completely different paradigm, like digital assets.

Bitcoin could partially solve the housing problem. If people had a better store of value than real estate, they'd stop distorting housing prices. Housing would return to being a consumption asset priced by what people can actually afford. This is one of Bitcoin's most socially important functions.

US Retirees are net sellers of assets - they consume more than they produce, drawing down savings to fund their lives. When you have a top-heavy demographic pyramid, you get more sellers than buyers in financial markets. This is a secular headwind for equities and real estate lasting decades.

It’s a double-whammy. Older people living longer (more consumption needs) & fewer young people being born (fewer future buyers). Both sides accelerating the problem simultaneously.

Tokenization as a policy response. Part of why the SEC/CFTC are pushing tokenization is to let foreigners buy American equities more easily. If American boomers are going to be net sellers, then foreign capital can fill the buy side. Foreigners already love Apple, Nvidia, Microsoft, but most can’t easily access US markets. Tokenization could fix that and that’s partly why crypto/tokenization is becoming a national priority.

“Trump accounts” and similar schemes like child savings accounts and tax-advantaged programs are funnels designed to create constant new flows into the equities market. The fine print is you can’t even buy individual stocks - only indices. It’s all about keeping the passive investing machine fed.

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Once you give people power, it’s almost impossible to take it back. It’s kinda like a one-way street. Think about books - you can’t just hand out millions of physical copies to everyone. But once they’re digital, in an app, suddenly anyone with a phone can get them for free. And when people realize that, they don’t need shelves of books anymore. Everything just collapses into a file they can carry around and share. And of course, once they have that kind of access, they’ll fight to keep it.

Same thing’s starting to happen with property. You don’t really need ten plots of land in different places to feel secure. If you can hold property digitally on your phone, transfer it instantly, actually own it yourself… that becomes priceless. And once millions of people “get it,” they’re not gonna let go. It’s basically irreversible.

Bitcoin is like the clearest version of this - property that’s been boiled down into pure digital form. Portable, simple, low-energy. Think of water frozen into ice, all that energy is locked in but easy to carry around.

Once this genie’s out, no one’s putting it back in the bottle.

I think many sophisticated millennials today are looking into the future and realizing their skills are quickly becoming obsolete. Career progression is under serious question, as AI has disrupted traditional paths entirely. Unless you’re exceptionally skilled or able to pivot into new opportunities especially in AI - it’s becoming harder to see a clear role for yourself.

For those who’ve already spent 10–15 years honing skills that are now being eroded by AI, their income is uncertain. That’s why many are shifting focus from the income side of their balance sheet to the assets and liabilities side. With little foresight or confidence in their earning power, they’re instead asking: How can I put my capital to work? How do I take calculated risks to generate higher returns on assets?

This shift is already happening. The smartest millennials are rebalancing their lives around assets instead of income, while the rest will catch on later.