Why Bitcoin Yields Are Looking Up vs Other Assets, Especially Cash

“Cash is trash” has a nice rhyme to it, and in some inflation-ravaged paper-based economies it’s literally true. But as an investment mantra, it bears some scrutiny, especially in light of what it says about bitcoin. 

When a multi-asset manager such as Ray Dalio uses that phrase, as he did in Davos earlier this year, we can assume he means that cash is not as attractive for portfolios as other assets. He expanded further on this in a question-and-answer session on Reddit earlier this month, pointing out its “costly negative return.”

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This warrants further clarification, as the actual yield on cash is a complex subject. The cash under your…