FUNGIBLE - AN ARTHUR HAYES ESSAY

Summary from the TLDR Crypto newsletter

In this essay, Hayes examines the US financial system, discussing why long-term bonds continue to be held in portfolios despite low returns. He discusses the difference between the behaviors of the "mass affluent" and the "extremely wealthy," and how capital's fungibility supports crypto despite regulatory uncertainties. He also highlights the ongoing trade war between China and Japan and its potential to boost crypto. Despite uncertainties around regulations and market downturns, Hayes has high conviction and sees the potential devaluation of the Chinese Yuan as a catalyst for crypto.