This is Part Two of a multipart series that aims to answer the following question: What is the “fundamental value” of Bitcoin? Part One is about the value of scarcity, Part Two — the market moves in bubbles, Part Three — the rate of adoption, and Part Four — the hash rate and the estimated price of Bitcoin.
In recent months or even years, there’s been a lot of talk about the bubbles developing in the bond markets. Newspapers — both financial and non-financial — talked about it, with specialized television stations and prestigious “macroeconomists” from all over the world discussing how today’s world debt has negative interest rates.
Ruggero Bertelli is a professor of financial intermediaries economics at the University of Siena. He teaches banking management, credit risk management and financial risk management. Bertelli is a board member of Euregio Minibond, an Italian fund specializing in regional SME bonds, and a board member and vice president of Italian bank Prader Bank. He is also an asset management, risk management and asset allocation advisor for institutional investors. As a behavioral finance scholar, Bertelli is involved in national financial education programs. In December 2020, he published La Collina dei Ciliegi, a book about behavioral finance and the crisis of financial markets.
Daniele Bernardi is a serial entrepreneur constantly searching for innovation. He is the founder of Diaman, a group dedicated to the development of profitable investment strategies that recently successfully issued the PHI Token, a digital currency with the goal of merging traditional finance with crypto assets. Bernardi’s work is oriented toward mathematical model development, which simplifies investors’ and family offices’ decision-making processes for risk reduction. Bernardi is also the chairman of investors’ magazine Italia SRL and Diaman Tech SRL, and is the CEO of asset management firm Diaman Partners. In addition, he is the manager of a crypto hedge fund. He is the author of The Genesis of Crypto Assets, a book about crypto assets. He was recognized as an “inventor” by the European Patent Office for his European and Russian patent related to the mobile payments field.
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