Crypto & The Great Migration
Random Walk takes flight
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Things we think...
Leverage is offered up to 125X for some trades. That's wild. The market cap for crypto is (or was recently) approximately 2X the market cap of the top 5 US banks. That's also wild. On the other hand, there is real value being created, lots of infrastructure being built, and new entrants being added at unprecedented rates. Even with a recent correction, the street calls your pessimism and buys the dip. Crypto data tells a story that is both bubbly and fundamentally valuable--the winners will disaggregate those two... or maybe it's just art?
The Great Migration
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