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Vance Spencer, co-founder at Framework Ventures, suggests that both BTC and gold may not be suited for a world experiencing rapid technological acceleration.
Spencer believes current valuations of these assets already factor in the possibility of artificial general intelligence (AGI), raising questions about their role if intelligence-based assets emerge as stores of value. He notes that if the market opportunity for AI remains similar to software-as-a-service, BTC and gold could see further gains.
Spencer has previously highlighted the steep valuation declines that followed the 2021 IPO wave. In his earlier analysis, he noted drops of up to 95% in data center stocks and significant losses in fintech. These observations have informed his caution on traditional and emerging asset classes.