Morningstar publishes extensively about environmental, social, and governance investing, believing that the ESG movement has staying power.
As Bloomberg’s Matt Levine once wrote, the correct price for bitcoin lies somewhere between zero and the value of every global currency, combined.
Nassim Taleb , Jamie Dimon, Warren Buffett, and the economist Nouriel Roubini, among other notables, have all dismissed bitcoin as worthless.
The question with collectibles is not whether they fulfill a useful function, but rather, if their allure will persist.
But of course, many other would-be collectibles become the real thing, such as postage stamps, rare coins, and sports memorabilia.
Far be it for me to claim that bitcoin is the modern equivalent of gold, or even the next Inverted Jenny.
Although bitcoin is often regarded as an alternative investment, for those who distrust conventional securities and the governments that regulate them, bitcoin prospers from loose central-bank policies, just as traditional investments do.
Those same interest rates have spurred various other activities, ranging from stock-market booms, to the development of the NFT marketplace, to the explosion in sports gambling, which has doubled in size over the past two years.
Last week, The Wall Street Journal’s Jason Zweig reported that, per a survey by the fund provider Bitwise Asset Management, only 9% of financial advisors have placed any clients monies into cryptocurrencies.
These funds have some quirks, owing to the operational difficulties of holding bitcoin within a registered fund, but investors were not dissuaded, as ProShares’ fund became the first ETF to attract $1 billion in assets within its first two days of operation.
Absent an unexpectedly damaging event, such as a coordinated global effort to squash cryptocurrencies , or sharply rising interest rates that strangle the money supply, it’s hard to see what could reverse bitcoin’s present course.
I just returned from several days in Las Vegas, without handing the casinos so much as a nickel.
If our base-case assumptions are true the market price will converge on our fair value estimate over time, generally within three years.
The Quantitative Fair Value Estimate is based on a statistical model derived from the Fair Value Estimate Morningstar’s equity analysts assign to companies which includes a financial forecast of the company.