Cryptoassets: Discretion Is the Better Part of Valor

The enormous rally in bitcoin and other cryptoassets has been impossible to miss. Since last March’s coronavirus-induced low of around $5,000, the bitcoin price has risen 12x to around $60,000 just one year later. From its creation in 2009, it’s been the best-performing asset in the world. With a value of $1.1 trillion, bitcoin alone is roughly as large as the venture capital asset class, has one-third the value of all gold held by investors, and has 6% of the total US money supply. The computer network supporting it consumes as much energy as Argentina.

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Bitcoin and other cryptocurrencies are a very speculative investment and involves a high degree of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment, and a potential total loss of their investment. Information provided by Bernstein is not intended to be, nor should it be construed or used as investment, tax or legal advice, a recommendation, or an offer to sell, or a solicitation of an offer to buy, an interest in cryptocurrency. Bernstein does not offer cryptocurrency products and investments in cryptocurrency is not suitable for all investors.

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