Safe haven……? In early January, when bitcoin was rising strongly, the prevailing view was that bitcoin was acting as a risk off asset, much like gold. At the time I said I very much doubted that was the case. Simply, no sane person in a time of crisis looks to hide away in a volatile

Collateral The best way to get a cheap loan is to have collateral backing it. You buy a home, the bank keeps the deeds until you pay the mortgage. A company issues a bond, the bondholders get a claim on all the  assets before the shareholders. You can use all sorts of things as collateral,

$10k On Sunday morning, bitcoin once again went through the psychological US$10,000 barrier. When it first happened in 2017 it prompted hysteria from regulators and the public alike: “Bitcoin price soars above $11,000 as central bankers seek to calm fears: Bank of England and Fed officials say cryptocurrency is too small to threaten world economy

Realised market cap at all time high In bitcoin, the concept of realised market capitalisation reflects the value of each specific sub-unit of bitcoin based on when it last moved on the blockchain. This is as opposed to the traditional measure which is simply the total number of coins multiplied by current market price. It