One of the interesting things about cryptocurrency investors is that they really do look at the world very differently from many of their counterparts in traditional finance.
The thinking goes something like this: The efforts of governments and central banks to repair the economy are doomed to fail, and likely to make the situation worse. There is no point in moving to a defensive investment strategy, because prices for digital assets are going to the moon. Every time the stock market goes up, it just validates the reality that the dollar is being debased by trillions of dollars of central-bank money printing.
The latest turn-logic-on-its-head zinger came Monday from Dan Morehead, a former Wall Street trader and hedge-fund executive who now heads the cryptocurrency-focused investment firm Pantera Capital in the San Francisco area.
In a monthly letter, Morehead was discussing how central banks typically succeed when they pointedly attempt to increase inflation, as the Federal Reserve is now pursuing as an official policy. He cited Venezuela and Zimbabwe as two prior success stories, as it were.