Tag: risk appetite

PEPE as a Macroeconomic Indicator Is a Ridiculous Idea. Let’s Test It.

A frog-themed token with no cash flow, no yield, no central bank and no obvious claim on anything productive should have very little to tell us about the global economy. That is precisely why PEPE is interesting. Traditional measures of risk appetite tend to look respectable: equity indices, credit spreads, Treasury yields, volatility, currencies. Memecoins […]

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What Does Bitcoin Hedge, Exactly?

Bitcoin has spent most of its adult life accumulating narratives. It was electronic cash, then digital gold. It became an inflation hedge, an escape hatch from monetary debasement, a geopolitical safe haven, a liquidity sponge and, depending on the market cycle, the ultimate risk-on asset. The problem is obvious: an asset cannot be judged as […]

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