It’s Merry Cryptomas, everybody! Bitcoin is up 167% year-to-date. Ethereum is up 91%. If a massive crypto rally was one of your predictions for 2023 a year ago, I take my hat off to you. Compare those returns with other asset classes. The NASDAQ is up 36%. The S&P 500 is up 19%. Gold is up 10.7%. If you were long oil or a broad basket of commodities, you are down 10%-12%.
A year ago, many of us thought — I certainly did — that it was game over for crypto and that the naysayers were going to be vindicated.
