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.