Bitcoin And Crypto: Fraud Or The Future?

To hear many classic value investors tell it, crypto is Bernie Madoff with the added dimension of wasting electricity and facilitating seedy criminal activities.Rather than viewing Bitcoin as competition for the U.S. dollar and fiat currencies, we think it is more properly viewed as competition for (or an adjunct to) gold.While Bitcoin is generally uncorrelated to other assets and does boost portfolio returns, there is no evidence that it provides any hedge to equities.