What billionaires are talking about: by most measures, inflation in the US (reported as CPI) has run at about 2% over the past 3 years. That average hides a huge differential though. /1

2/ technology continues to be massively disinflationary, producing deflation in things like the cost of technology itself (mobile phones), and things built with technology (mass market clothes, cars, other consumer goods).

3/ but...billionaires feel like there's 5%+ or even 10%+ inflation a year. Why? They don't shop at Target. The things billionaires spend money on have seen prices rising much faster. Prime real estate, farmland, equity, premium art and collectibles, etc.

4/ As central banks push more money out into the world, that hasn't driven up the price of consumer goods because the cost of production keeps falling, technology increases productivity, the supply of goods...but not of rare picassos or Miami beachfront property...or bitcoin.

5/ A great many investors recognize these two competing trends (disinflation from increasing productivity + inflation from money printing), but have struggled to put those ideas into a portfolio of investments beyond equity. BTC is emerging as the direct bet on this continuing.