Here, then, is a seeming paradox.
Buying assets that one believes to be undervalued—and selling those one deems overvalued—helps to price capital appropriately.
Bitcoin, he says, is a “possible substitute” for the dollar if crypto boosters’ direst predictions of financial crises and dollar devaluation come true.
This is a far cry from taunting skeptics with crypto-lover lines such as, “Have fun staying poor.” Epstein’s libertarian bona fides nevertheless remain intact.
In the current quarter through June 3, however, the scores are S&P 500 down a modest 9.3%, bitcoin down a whopping 35.2%.
There is no room for debate, however, when it comes to establishing facts such as the comparative price performance of equities and cryptocurrencies.