Enterprising Investor
Practical analysis for investment professionals

cryptocurrencies


Stablecoins and Treasuries: A Fragile Funding Link Investors Can’t Ignore

Stablecoins now hold hundreds of billions of dollars of US Treasuries, linking crypto sentiment to safe-haven bonds and adding a new layer of risk for investors.

Bitcoin Valuation: Four Methods

Unlike traditional assets such as stocks and bonds, bitcoin lacks the typical characteristics required for traditional valuation methods.

Crypto’s Unanswered Question: At What Price?

How do you make buy and sell decisions with cryptoassets? The answer remains elusive.

Book Review: The Power of Money

Paul Sheard explains what money is and how governments, commercial banks, and central banks create it and influence its creation.

Digital Asset Markets: Five Important Themes

All risk assets face an uncertain macro future. But we can't forget the long-term asymmetric opportunity that digital assets may offer.

FTX: Crypto Is the Cure, Not the Cause

The FTX fiasco has more to do with fractional reserve banking than it does with crypto.

The Alchemist’s Paradox, Central Bank Sovereignty, and the Fate of Crypto

“It is difficult not to marvel at the imagination which was implicit in this gargantuan insanity. If there must be madness something may be said for having it on a heroic scale.” -- John Kenneth Galbraith

How Do Cryptocurrencies Correlate with Traditional Asset Classes?

The crypto market’s recent gyrations necessitate a fresh look at the evolving relationships between crypto and traditional asset classes.

Valuing Digital Assets with TradFi Tools: Three Methods

Not all traditional investment management techniques are applicable to digital assets, but sector breakdowns, DCF models, and risk factor modeling are solid starting points.