White Paper: The Evolving World of Bitcoin


Executive Summary

Many supporters of Bitcoin have been cheering its recent prominence (again) among investors. They cite a more stable backdrop resulting from new rules, the establishment of regulated products and custody services, and an uptick in institutional interest. However, Julia Wirts, Portfolio Manager, is hesitant to call this a structural shift in the industry, especially during a year of acute financial disruption. In our latest white paper, Julia suggests that cryptocurrencies like Bitcoin currently appear to lack the stability, transparency, and safeguards of more traditional asset classes. Trading remains highly opaque and regulation uneven, making it difficult to reach a conclusion on its potential risks and rewards. Also, financial institutions continue to grapple with regulatory and legal hurdles that may hinder the cryptocurrency’s path to legitimacy. Over time, clients may have more resources to determine if Bitcoin makes sense for their portfolios. However, its investment landscape may transform considerably, yielding far too many risks for an investor today.


This communication is intended solely to provide general information. The information and opinions stated may change without notice. The information and opinions do not represent a complete analysis of every material fact regarding any market, industry, sector or security. Statements of fact have been obtained from sources deemed reliable, but no representation is made as to their completeness or accuracy. The opinions expressed are not intended as individual investment, tax or estate planning advice or as a recommendation of any particular security, strategy or investment product. Please consult your personal advisor to determine whether this information may be appropriate for you. This information is provided solely for insight into our general management philosophy and process. Historical performance does not guarantee future results and results may differ over future time periods.

IRS Circular 230 Notice: Pursuant to relevant U.S. Treasury regulations, we inform you that any tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. You should seek advice based on your particular circumstances from your tax advisor.


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