The fact that U.S. equity markets became the world’s default savings account over the last 50 years is a symptom of how deeply people were conditioned by the relentless debasement of the dollar. Equity represents the riskiest slice of a company’s capital structure—it’s the first to go to zero. But now, the world is waking up. Real risk exists. And in that light, an asset with no counterparty risk and no dilution risk—bitcoin—is far more valuable than most realize.