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BTC Hold assets or be abandoned by the times: Bitcoin's true position in the middle class dilemma
Analysts at Kobeissi Letter once put forward a sharp view: "Either hold assets or be abandoned by the times." This conclusion profoundly reveals the huge gap between asset owners and bystanders in the current economic system. Bitcoin seems to fit this distorted economic reality perfectly, but to regard it as a panacea for the demise of the middle class is an exaggeration.
The core of wealth differentiation: asset ownership
According to analyst statistics, there are approximately 134.8 million households in the United States. However, the wealthiest class, which accounts for only about 1%(about 1.4 million households), controls more than US$60 trillion in net assets. Since 2020, their wealth has increased by more than $30 trillion. In contrast, the bottom 50%(or 67.4 million households) own only a very small proportion of total wealth.
Kobeissi Letter pointed out that the reason for this gap is not just higher wages for wealthy families, but the more core issue is "asset ownership." In the past six years, total household wealth in the United States has soared from approximately $101 trillion to $185 trillion today, but this huge increase has been extremely unevenly distributed.
Americans who already own stocks, businesses, real estate and other value-added assets have benefited disproportionately from rising asset prices. At the same time, inflation continues to erode the value of income and cash savings. Separately, analysts calculated that the dollar has lost about 23% of its purchasing power since 2020. In other words, even if someone's savings or assets increased by 30% during this period, the actual return would be relatively limited, considering the decline in purchasing power. In addition, inflation has far exceeded the Federal Reserve's 2% target for 60 consecutive months.
Prices of basic necessities such as food, housing, and transportation are rising, while assets that can withstand inflation (mainly real estate and stocks) are becoming increasingly unaffordable. Analysts added that borrowing has not brought much relief because mortgage rates have recently climbed to around 7%. At the same time, treasury bond yields soared, further raising the threshold for home purchases.
So they came to a simple but obvious conclusion: "Hold assets or you will be left behind."
Bitcoin's role in this landscape
Bitcoin does have significant significance in this macro dynamic, although it cannot simply be seen as a solution to saving the middle class. Bitcoin responds well to a specific part of the above argument: its supply will not expand due to government spending, deficits, elections, war, or monetary policy. The upper limit of Bitcoin is 21 million, which fundamentally distinguishes it from fiat currencies-as the monetary base expands, the purchasing power of fiat currencies will inevitably and likely continue to decline.
与传统财富积累资产相比，比特币具有罕见的可及性。你不需要像买房那样支付首付，也不需要足够的资本去购买整枚比特币。如果根本问题是那些持有稀缺增值资产的人，正将那些仅持有贬值货币储蓄的人远远甩在身后，那么比特币提供了另一种跨越这一鸿沟的方式。
然而，比特币依然极具波动性，这对缺乏经验的投资者来说并非理想选择。在市场严重低迷时，它可能在几个月内下跌 50% 甚至更多。总体而言，单纯持有比特币不会产生现金流，对于那些收入已被房租、食物、医疗和债务完全消耗的人来说，帮助甚微。
比特币无法神奇地使住房变得更便宜、提高实际工资、降低医疗成本、改善税收或重新分配现有财富。因此，可以肯定地说，比特币无法重建美国的中产阶级。但是，作为一种几乎任何人都能持有、且背后没有中央权威的稀缺资产，它为个人提供了一种额外的途径，以在这个“资产所有权日益决定谁能够保值和增值财富”的经济体系中获取 exposure（参与机会）。
