Thorney making the first move, page-20

2020 is challenging some of those hypotheses so far...

-Gold has performed better as a money hedge (volatility adjusted)

-I assume by "unprecedented level of alpha" you mean diversification? It's had a very high correlation with equities this year.

-Millennials have given up on crypto and are all-in on Robinhood these days.

-Portability is becoming easier and easier for cash- plenty of fintech which allows for cheap quick international transfers these days. Society going cashless on the back of covid will accelerate this trend

Bitcoin to me has it's most utility as a way to avoid regulation, or for capital flight from disaster countries (e.g. Venezuela). But once one gets the currency out of the country is out better to hold gold or USD so there is equal selling and buying pressure which doesn't help price appreciation

All imo anyway- I hold a tiny amount for fun and because bubbles can get crazy big before they pop!