Former Goldman Sachs executive Raoul Pal warns of economic challenges stemming from an aging population. According to him, as populations age, governments will rely on increased debt to fuel growth and manage interest payments. However, when national debt surpasses 100% of GDP, the cash flow within the economy becomes insufficient to support this debt burden. To combat this, the Federal Reserve resorts to injecting liquidity through measures like printing money (essentially, ‘quantitative easing’), pushing banks to incorporate these changes into their balance sheets. This process can lead to currency devaluation and reduce real value of currencies, creating a situation where scarce assets appear more valuable on the surface. Pal suggests that cryptocurrencies, particularly Bitcoin, offer a potential safeguard in such scenarios. These assets not only counter annual currency depreciation by 8% but also benefit from adoption effects, thus appreciating in value.