From: "jeffrey E." <jeevacation@gmail.com>
To: Jeffrey Epstein <jeevacation@gmail.com>
Subject: Fwd: bitcoin - a new liquid market?
Date: Tue, 25 Jul 2017 14:18:18 +0000
Forwarded message
From: Morris, Paul V 4
Date: Mon, Jul 24, 2017 at 2:01 PM
Subject: RE: bitcoin - a new liquid market?
To: "jeevacation®gmail.com" leevacation@gmail.corn>
Bitcoin: a new liquid market?
Is bitcoin a currency? A commodity? Neither? A proper store of value like the EUR, T-bills, or gold is measured
by 3 factors: safety, liquidity, and return. Diversification is a plus. Bitcoin remains very volatile. But it has
experienced a surge in liquidity in the last six months, surpassing $2bn a day. Moreover, bitcoin is uncorrelated
to any financial asset, commodity, or currency we study in this note. The fiipside of extreme diversification is that
there is no way to explain let alone predict returns. Could bitcoin see a virtuous cycle of increased liquidity,
lower volatility, attractive returns, and wider acceptance? Possibly, if regulated financial institutions move to
allow bitcoin as pledgeable collateral. However, large inherent risks to digital tokens such as fraud, hacking,
theft, new protocol adoption, limited acceptance, and that it is not legal tender many places in the world make it
an unlikely development.
From: Morris, Paul V
Sent: Monday, July 24, 2017 1:51 PM
To: <jeevacation®gmail.com>
Subject: bitcoin - a new liquid market?
Thought you would find interesting.
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