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Crypto’s 2023 “Health Check” | Vance Spencer
Forward Guidance
Is Bitcoin a Toxic Asset?
Yield on stablecoins being high during a bull market makes sense to me because if everyone wants to get leveraged long Bitcoin, they could borrow at 8% and 10%. But in a bull market, it doesn't make sense to me why Bitcoin would generate 10% because the reason that you borrow something is to short it. The lack of transaction fees has no connotation of whether Bitcoin is good or bad. It just has a connotation towards people using it or not using it. People do not use Bitcoin. You can see in the adjectives that are used to describe it, you know, huddle or put it away in cold storage and never touch it. And if you look
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