The Great Bond Migration

MAR 24, 2021 • 8 Min Read

Kevin Kelly, CFA

Disclosure: Delphi Ventures and members of our team hold BTC. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice. 

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“Nominal bond yields are just off the lowest ever made a couple of weeks ago. These extremely low or nonexistent yields do not meet these asset holders’ funding needs. For example, pension funds, insurance companies, sovereign wealth funds, and savings accounts cannot meet their financial needs with these investments so holding bonds assures their failure to meet their obligations.” — Ray Dalio (03.15.21)

I believe the reallocation away from sovereign debt, specifically U.S. Treasuries (USTs), in favor of alternative assets will serve as another long-term tailwind for bitcoin and crypto assets.

Bonds have been a staple portfolio investment for as long as modern portfolio theory has been popular but recently the asset class has come under fire, and for good reason (look no further than Ray Dalio’s latest post titled, “Why in the World Would You Own Bonds When…”, as a reminder of many of the headwinds facing sovereign debt markets).

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