Big investors like Bitcoin for the wrong reason

Institutional investors were warming to Bitcoin just as the pandemic struck. Now the main reason they found cryptocurrencies appealing no longer appears justified.

Nearly four out of five institutional investors said they find something to like about digital assets such as Bitcoin, according to the results of a new survey by brokerage firm Fidelity. The foremost reason, as reported by 36% of respondents, was that they believed cryptocurrencies were “uncorrelated to other assets,” like stocks.

But the economic devastation of the recent coronavirus pandemic has seemingly shattered that investment thesis. The wave of destruction has exposed entanglements between

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