From May 25:
Fine, yes, in 2021 the main fact about Bitcoin is that Elon Musk decides whether its price goes up or down. Does that “take away the legitimacy of the asset class”? Man, look around; “legitimacy” is a weird thing to be worried about. I would say that it’s interesting to have a trillion-dollar asset class that is like “one guy will think of a number and your asset will be worth that number.” That really is a novel experiment in finance! I feel like we should give it some more time and see how it goes.
Find Matt Levine at Bloomberg.