Macro

This week, our team had the privilege of being a part of Real Vision’s inaugural Crypto Gathering, a two-day virtual event dedicated entirely to the fast-paced world of crypto and digital assets. I took part in two sessions; the first focused on the opportunities/risks of decentralized finance (DeFi) as this market segment continues to grow and the other was a 1-on-1 interview with Saifedean Ammous, economist and author of the widely popular book “The Bitcoin Standard: The Decentralized Alternative to Central Banking”. For those interested, you can watch the interview with Saifedean here.

Bitcoin vs. Stocks: The Great Decoupling

I know, I know. Bitcoin is uncorrelated with conventional asset classes over long periods of time; it’s an option on digital gold; it is portfolio insurance on broad-based currency debasement; it does NOT represent equity ownership in an enterprise nor does it give off any kind of cash dividend.

All of these assertions are true, at least in our opinion. However, we have been asked to weigh in on the “great decoupling” debate quite a bit recently, so here’s some quick thoughts on the evolving relationship between BTC and the performance of risk assets.

Historically, BTC and stocks have maintained a fluid relationship; sometimes they move inversely to one another while other times they move in lockstep (take the last ~3 weeks or so to see an ex

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