is the main case for the new roaring 20s based on innovation from hardtech startups? I've seen a lot of optimism out there, just trying to place where it is coming from

my gut says that it's finally time for hardtech startups, but, given the 'easy' gains in public markets,

at what point are public market gains so easy that it stops making sense to invest in startups, where the higher risk simply isn't worth the higher potential gains?

assuming public gains continue (BIG IF) and private market funding/innovation slows --> roaring 20s bear case?

seems like a lot of people made 100%+ this year in the markets, so to me the main incentive for private markets is hedging the public market crash, and the possible higher gains are 2nd

obv its not binary, perhaps just smaller% of portfolio dedicated to startups, but if

capital is illiquid by being in a startup for 10+ years, there is also a currency risk as/if more money transfers into crypto --> another bear case for roaring 20s

totally riffing here, don't have any strong opinions yet, would love feedback/riffs/ideas