At every major recession they aqcuire scarce assets, and Gold was favorite every 30-40 year cycle which gives about 10y of stagflation to stocks.
Secular view for S&P500:
If we have the same cycles, 2030-2040 should hit again, but as the economy is more syncronized globally, the options of Gold, land or art, are not that desirable, for they are hard to transport.
After DOTCOM, in 2003, the GOLD ETF was applied for, to be accepted 18 months later, in Nov '04. Kinda like they knew it wasn't over, so they needed a trusted counterparty, fully regulated, for smart money to buy gold from wherever.
This is where the BTC ETF would step up the game, in a global economy.
Also we are 6 years away from potentially seeing another prolonged bear market, where scarce & desirable assets would go parabolic in advance of another big bust in the financial system.
Same game, different tools.
Would this time be different?