OPINION: I suspect that the value of my crypto holdings is about equal to the very real $1 billion bank note from Zimbabwe that I keep in my office. (Last time I checked, it was worth a bit less than a penny in the U.S.)
Every year, I review my investments and plan for where I might move the “explore” portion of my portfolio during the 12 months ahead.
Investors considering crypto tend to come from three camps: the true believers, the non-believers and the people in the middle either waiting to be convinced or willing to take a small shot. I’m in the middle group. The problem that has pushed me further away from crypto at a time when I wanted to be liking it more than ever is not the controversy stemming from Sam Bankman-Fried and the collapse of FTX, the never-ending headline risk or performance so miserable in 2022 that it made other declining assets like stocks and bonds look like big winners.
But crypto enthusiasts won me over just a little bit a few years ago, when I started including crypto in my year-ahead planning and decision-making. Just getting into the discussion was a victory, and that happened because a lot of smart, savvy investors were telling mainstream customers to dip toes into the bitcoin pool.
Liz Ann Sonders, chief investment strategist for Charles Schwab & Co., said in a recent interview on my podcast “Money Life with Chuck Jaffe” that she asks crypto enthusiasts to “explain to me what problem crypto is solving for,” and most often gets inflation and other reasons for why the new currencies are better than the old ones.
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