“God, grant me the serenity to accept the things I cannot change, Courage to change the things I can, And wisdom to know the difference.” – Reinhold Niebuhr The above passage, which many will recognize as the abbreviated Serenity Prayer, was first penned by the theologian Reinhold Niebuhr for his Massachusetts congregation as early as 1934.* Coincidentally 1934 was also the year that President Franklin D. Roosevelt signed into law the Revenue Act of 1934, which raised marginal tax rates for individual Americans.** Earlier today President Trump signed the Tax Cuts and Jobs Act of 2017 (Tax Reform). We think the best approach is to view today's tax reform in the spirit of Niebuhr’s prayer: Re
If someone tells you with great conviction that Bitcoin is a bubble, stop listening. They’ve lost credibility. If someone tells you with great conviction that Bitcoin is the currency of the future, stop listening. The truth is no one knows. Bitcoin today is a speculation. Some speculations, however, can be attractive wagers. For example, playing Blackjack with perfect card counting is a succession of speculations where the odds are stacked (slightly) in your favor. How then should we think about the Bitcoin bet? What Is Bitcoin Worth? Here is a simple framework for estimating the odds of Bitcoin’s success. Optimists see Bitcoin as a future currency (or store of value) that one day supplants
