Crypto evangelists with their backs against the wall

Cryptos have generally been seen as uncorrelated to equity markets, but the recent drop in their prices bears at least some resemblance to the S&P 500 Index, leading to more conventional economic arguments being applied to crypto markets. This is to be expected to some degree as the investment big-hitters start paying attention to the outsize returns potentially available by adding a small crypto exposure to their portfolios.

In their initial conception, cryptocurrencies were created as a replacement for the existing monetary system, designed to facilitate payments without the need for financial institutions. They were meant to exist outside of and independent from the traditional monetary system. It is no coincidence that the white paper that first detailed the technical functioning of Bitcoin, as the prime example, was published in 2008, while the world was in the throes of the Global Financial Crisis.

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