Indeed, within my social/intellectual circles, the dominant view seems to be that Bitcoin amounts to climate terrorism in the service of tulip mania, that NFTs are a pyramid scheme, and the main crypto use case is crime-enabling asset concealment and money laundering.

This suggests a far more sophisticated understanding of “the risk/reward trade-off” and “the equity premium” than is generally accepted in the realm of modern portfolio theory, and, by extension, the EMH: Bonds are likely to get a lower return than stocks not because they are less “risky” (which in that context is even more questionably interpreted

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