Bitcoin and other cryptocurrencies are highly speculative assets given their ultimate utility is not yet known. A bullish catalyst for the asset would likely come in the form of corporate entities increasingly integrating bitcoin into their operations. Currently its primary use is as (1) pure speculation (i.e., people looking to get rich quickly), and (2) a store of value, mostly in countries with tenuous rule of law or economic fragility (e.g., Zimbabwe, Venezuela). Bitcoin’s correlation to other assets in various classes and across risk spectrums in virtually nil, which mainly lends it, at this point, as an extremely volatile diversification asset. As I write this, bitcoin is just a hair under $15,000 per coin. _____ POLL Where will bitcoin finish January 2018? Agree = Above $15,000 Disagree = Below $15,000