Bitcoin Delusions, Blockchain Realities

We find no shortage of substantive financial discussions to be had as 2017 concludes: U.S. tax reform, the yield curve, Fed policy, corporate leverage, international valuations; they all come to mind and the list could go on. Nevertheless, the small talk of holiday parties, gym workouts, or grocery store checkout lines are dominated by—clearly—the hottest financial topic on earth: bitcoin. We had procrastinated on this topic (mostly hoping it would implode before we had to weigh in), but within the past week alone, we have been approached by a registered nurse, a fitness trainer, and the owner of a tree…