Special Report

Highlights Cryptocurrencies are the ‘digital gold’. Long-term investors should hold cryptocurrencies and gold in inverse proportion to their volatilities. On this basis, cryptocurrencies should take around a quarter of…

Special Report

Highlights The price of Bitcoin has surged this year as the digital currency has gained increasing acceptance. Just as was the case with gold, a global financial system built around Bitcoin would be precariously unstable. Bitcoin…

Highlights The (earnings) yield premium on tech stocks versus the 10-year bond yield is at its 2.5 percent lower threshold that has signalled four previous market fragilities. Additionally, the 65-day fractal structure of stocks…

Highlights An increase in the "synthetic" supply of bitcoins via financial derivatives, along with the launch of bitcoin-like alternatives by large established tech companies, will cause the cryptocurrency market to collapse…

Special Report

Highlights Bitcoin and other virtual currencies have sold off sharply in recent days. However, as the turn of the millennium dotcom boom and bust illustrates, wild swings in asset prices can sometimes mask important structural changes…