4/12 🧵 The data backs that up. Since the Nov. 2021 peak, holding bitcoin in those economies still produced strong local-currency gains, but with brutal volatility: roughly 275% return for BTC vs 172% for dollars, yet with 68% annualized volatility for BTC against 18% for USD. Sharpe ratio: about 0.5 for bitcoin vs 1.5 for simply holding dollars. Translation: if your real goal was preserving purchasing power through dollar exposure, stablecoins are the cleaner tool.
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