Market Musing of the Week
One of the more common reactions I get on the topic of crypto assets is
“I don’t get it. It doesn’t make sense.”

I understand that perspective. Crypto assets are a new way of measuring and tracking value.

But, I ask people to think about what “makes sense,” really?

Two years ago, would it have “made sense” that...
  • interest rates on US treasury bills would be negative (if only for a time)?
  • oil prices would be negative?
  • an entire economy would get shut down for months?
  • the Federal Reserve would buy muni and junk bonds?

The word “unprecedented” gets thrown around a lot, but it should be a catalyst.

A catalyst to challenge our assumptions about what “makes sense.”

Jeremy Epstein
Co-Chief Investment Officer, Crypto Futura Fund