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We didn't really know , but it took the Transformer architecture for Tesla to really start believing that they could do the last mile in autonomous driving. So these are just a few examples of convergence. This is DNA sequencing, which has become 60% more accurate thanks to the combination of DNA sequencing and artificial intelligence.
Again, it's in our big ideas. You can find the details. Yes, of course. It's robots and the combination of robotics with artificial intelligence, and how much better they work, whether they've done the task before, but especially if they have n't done it before, because of this convergence. Advancements in batteries: In the time since the iPhone, battery capacity has tripled, meaning three times the energy density.
And now we're talking about Meta Platforms and Ray-Ban smart glasses. Our analyst and also an assistant portfolio manager, Nick Grues, bought these glasses, went golfing, I think with Dan, if I'm not mistaken, and wore these glasses all day. They haven't run out of battery. They needed a 10- minute recharge every now and then, but he took photos with them while playing golf all day and they didn't run out of power.
This couldn't have happened without the achievements of...oh, sorry about that. Yes, reusable works. Here we are simply giving an example. If you remember the tech and telecommunications bubble , Iridium was one of the symbols of that era. And you can see how much the phone cost and how much more expensive it was per minute of talk compared to landline phones .
At that time, it was economically unprofitable , and the company, of course , went bankrupt. Today, the combination of T-Mobile and SpaceX has completely changed that. So that's pretty exciting. Cryptocurrency. So, what is the convergence here? A few years ago, we worked with Square or Block on a report that showed that if you include Bitcoin mining in the utility ecosystem, then think about this .
It's the convergence of battery and Bitcoin technologies in this case. You can overdevelop solar and wind power because what are we dealing with in this ecosystem? With huge energy storage systems, which in the case of Florida are completely filled. The sun in Florida is just wonderful. They fill up, and after that the energy is simply wasted .
Instead, this energy is now being channeled into Bitcoin mining and generating more revenue for utilities, allowing them to expand solar and wind power capacity. So, another coincidence that wasn't obvious until we were faced with the environmental issue of Bitcoin and all the electricity it consumed.
Now a permanent element has appeared in this ecosystem . GDP growth, as you can see in this graph, throughout history technology has caused spikes in GDP growth, and it seems that from 1400 to 1900 or 1500 to 1900 the world grew at about 6 percent a year, that's real GDP growth. And then those three platforms that I mentioned earlier: the telephone, electricity, the internal combustion engine, of course, the transistor, computers, the Internet.
This catapulted us into a world of 3 percent GDP growth. The consensus view for the future is that GDP growth will slow. We completely disagree with this and believe that we should see greater growth than in the previous period. That was a five-fold increase, which would have put us at 15%, but we didn't want to seem completely crazy, so we're forecasting 8% , but it doesn't make any sense that GDP growth should slow down, given all the innovations that are happening right now.
And another thing that doesn't make sense is that inflation will remain a problem. There are currently two camps regarding inflation. One, and many of you, Stanley Druckenmiller has given several interviews , so you've probably heard him on Bloomberg or CNBC, CNBC's favorite. He firmly believes that inflation will be high for a long time.
We are in the 70s. This is an unsolvable problem. Look at wage negotiations, the auto workers union , automakers, airlines. 10% per year, 6% per year. And our answer to that is that many of these industries will be disrupted, disintermediated, and possibly destroyed. So ultimately these wage increases will erode profit margins.
This will not lead to inflation. And, for that matter, we believe we are entering a period of deflation. I know deflation sounds scary. It sounds scary because of the events of 2008-2009 . Back then, everyone was talking about a deflationary crash, and it was terrible, it was scary in many ways, because there was almost a complete financial collapse.
That's not what we're talking about right now. There is good deflation and bad deflation. I just gave you an example of how bad deflation would be. Companies that haven't invested aggressively enough to move into the new era will be destroyed— that's creative destruction. Good deflation is what I described earlier: learning curves that lead to lower costs, which are then passed on to prices, which in turn will cause a real boom.
There's a real boom in these technologies and productivity, and the virtuous cycle that we're going to see is going to be amazing. Many of you know that I was called " Crazy Katie" on CNBC, and you may be thinking the same thing right now, but we really believe what I said because we do the research.
We conduct research that few people do because they simply don't believe in it. They do n't believe it. And they also don't believe that much should be done at the macroeconomic level. This became a kind of mantra as I grew up in this business. In the old days, most portfolio managers had a macroeconomic education and thought “ top-down.” Then we moved to a world where they operate from the bottom up .
You can't think "top down". It will make you think about such crazy things. And that is why such psychology exists. But I believe that the truth will ultimately prevail. And you know, we got to taste it for the first time . We experienced this twice. And I believe J.D. Stevenson is in the room. During the pandemic, many young people stayed home, discovered the stock market, and at the same time the company ARC .
We talked a lot about Bitcoin, Tesla, and innovation in general, and these two topics resonated a lot with young people. They have shown incredible results as the concept of, in Tesla's case, super- exponential growth is starting to come to fruition, especially now that other automakers are losing ground and advances in AI are leading us to an autonomous world.
As for blockchain technology —and I'll end here —I met George through my teacher, USC professor, mentor, and now dear friend, Art Laffer. And Art is 83 years old . And in 2015, we asked Art to co-author or just collaborate with us on an article about something like Bitcoin. And he refrained from making any assessments until he read the article.
He read the article. He was very intrigued by her. He broke it down into parts, as I expected, and said he would sign this, but not that— not the technological part, but the economic part. We truly believe that Bitcoin is...and every one of those words is important. This is the first global private, unsupervised , rules-based digital monetary system in history.
And this is a very big idea. We believe that the entire cryptoasset ecosystem, and most of the cryptoassets you have heard of, will disappear. Only a few will remain for various reasons. We believe that this ecosystem will reach $2 trillion by 2030. Now it's a little over one trillion. We believe that the biggest idea on the market is Bitcoin.
So I will summarize the situation in the public and private capital markets today. We believe, according to our estimates, that truly disruptive innovations are valued at around $12 trillion globally after this year's recession . We believe that this figure will grow to $200 trillion over the next 5–10 years .
And one of the reasons is that five innovation platforms are evolving and merging, creating super- exponential growth not only in these technologies but also in the real economy.
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