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Christopher Harvey Thinks Maybe He’s Not Getting Through To You When It Comes To Crypto Spillover Risk
So Wells Fargo's Christopher Harvey thinks maybe you might be a little dense.
Last month, Harvey tried to warn everyone that a cryptocurrency collapse won't happen in a vacuum as many folks seem to assume it would. Rather, a collapse in Bitcoin or in the space in general would invariably spill over into other assets.
That makes all kinds of sense based on anecdotal evidence and also based on the fact that thanks to futures, Bitcoin is now literally embedded in the broader financial system.
Nope. Not sure if I’m representative of most crypto investors, but if you generally believe that crypto investors are millennial-aged, libertarian-leaning individuals then it’s fair to assume that their exposure to equities is relatively low. Millennials have a well documented aversion to stocks and libertarians think QE (and the resulting asset bubbles) are downright criminal. I’m 33 and my equity exposure across my retirement portfolio is about 20% and across my entire portfolio is about 10%.
Basically, I think these are two very different groups of investors.
I like how this Wells Fargo dude gets on TV to run his mouth without any data analysis backing him up. Cool, dude. Just say whatever.
Rudy