It’s not just bitcoin.

People are told to “invest for retirement” and to do their financial planning based on 4-8% per year growth after inflation, when the risk free rate has been 2% or less for 20 years.

If the US stock market stagnates for the next 20 years like it has in other countries, people will be blamed for buying ETF’s too. “Don’t invest money you can’t afford to lose”, say the people who profited from 20% annual growth on houses while mortgaged to the hilt. But also, “why can’t millennials afford houses?”