The last few years, the crypto industry has been pushing coins as being both a good diversifier and well-suited for serious investors. But that can't last. Once the asset is owned by funds that have to write quarterly letter to clients, that diversification benefit is gone.
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That's the lesson from the Long Term Capital Management meltdown. Disparate assets that at one point might not have been correlated became so, once they shared a common, distressed owner.
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Anticorrelated or uncorrelated?
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Wasn’t Joe saying
#bitcoin
does its own thing earlier today? But yeah, if it’s being traded as risk-on, we’ll suffer along. Especially because they are benchmarked against the dollar, so the safest thing to do is Treasuries. Inflation is not accounted for in returns, is it? - Show replies
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I found this view useful and anecdotally true. https://twitter.com/gaborgurbacs/status/1232004854043856897?s=21 …https://twitter.com/gaborgurbacs/status/1232004854043856897 …
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Investors/funds usually either put Bitcoin to the digital gold sleeve or more prevalently today to the early stage venture allocation bucket.
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Both the uncorrelated & safe haven narratives are desires/intentions, rarely reflections of reality (so far, it’s still early).pic.twitter.com/IPNDVLPoLF
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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So you don’t understand math or what?
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