[{"data":1,"prerenderedAt":265},["Reactive",2],{"vNwITlC4NI":3,"DsXJGz1Goh":30,"the-two-sides-of-the-dollar":175,"_apollo:default":207},{"topBars":4},{"__typename":5,"data":6},"TopBarEntityResponseCollection",[7],{"__typename":8,"attributes":9},"TopBarEntity",{"__typename":10,"countries":11,"infos":19},"TopBar",{"__typename":12,"data":13},"CountryRelationResponseCollection",[14],{"__typename":15,"attributes":16},"CountryEntity",{"__typename":17,"Code":18},"Country","US",[20],{"__typename":21,"Message":22,"Link":23,"linkLabel":24,"badgeLabel":25,"openNewTab":26,"content":27},"ComponentTuplesTopBarContent","The Advisor's Guide to Crypto | Nasdaq & Hashdex - CE eligible","https://hubs.ly/Q04yh9qC0","Learn more","NEW",true,{"__typename":28,"data":29},"ContentEntityResponse",null,{"contents":31},{"__typename":32,"data":33},"ContentEntityResponseCollection",[34],{"__typename":35,"attributes":36},"ContentEntity",{"__typename":37,"slug":38,"isRestrictedContent":39,"contentUrl":29,"title":40,"blurb":41,"content":42,"publishDate":43,"timeToRead":44,"languages":45,"countries":59,"thumbnail":72,"heroImage":112,"author":122,"content_category":157},"Content","the-two-sides-of-the-dollar",false,"The Two Sides of the Dollar","Gold and Bitcoin are two sides of the same trade against a weaker dollar, writes Hashdex CIO Samir Kerbage.","\u003Cp dir=\"ltr\">In his latest \u003Cspan style=\"color: rgb(53, 152, 219);\">\u003Ca style=\"color: rgb(53, 152, 219);\" href=\"https://www.oaktreecapital.com/insights/memo/shall-we-repeal-the-laws-of-economics---part-iii\">memo\u003C/a>,\u003C/span> Howard Marks writes about the Treasury buying back its own long bonds to hold rates down. He labeled it \"applying an ice pack to a patient with a fever\". Near the end, a friend asks him whether or not he should sell his stocks, to which Marks says no, given that selling into dollar cash doesn't remove dollar risk. If you want to do something about that risk, he claims, you may have to own assets in other currencies, gold, non-US real estate, non-US companies... or cryptocurrencies.\u003C/p>\n\u003Cp dir=\"ltr\">Marks has mentioned crypto in 14 memos since 2017. In the first, he called digital currencies \"nothing but an unfounded fad (or perhaps even a pyramid scheme)&rdquo;. In 2021 he conceded that his skepticism hadn't borne out so far. Most of the other mentions were skeptical, and several cited crypto as a sign of market froth. This is the first of his memos I can find where it appears as something an investor might own for portfolio reasons, in response to a specific risk. To me, this speaks a lot about the progress the crypto thesis has made in the last 10 years.\u003C/p>\n\u003Cp dir=\"ltr\">I spent part of September pondering over that same question. At a private wealth retreat, I joined a panel asking whether the world is quietly moving beyond the dollar. My answer was that gold and bitcoin are two expressions of the same decision: owning something no government can issue more of. Gold is the mature version, and central banks are its largest institutional buyers, whilst Bitcoin is the early, volatile version, favored by younger investors. It isn't digital gold yet, but our investment&nbsp; thesis is that over time, as our society becomes increasingly digital and the generational shift takes place, it can be adopted broadly as a store of value. So, you can think of it as an option on becoming the digital gold, and it should be sized accordingly.\u003C/p>\n\u003Cp>\u003Cstrong>&nbsp;\u003C/strong>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Cstrong>Chart 1 - Bitcoin held by governments (year-end balance)\u003C/strong>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Cimg src=\"https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/image2_07cd08f693.png\" alt=\"\" width=\"643\" height=\"254\">\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csup>Bitcoin treasury data includes not only purchases but also seized bitcoins. Countries included in \"Others\" are: Bhutan, the United Arab Emirates, Kazakhstan, Finland, Venezuela, and Taiwan. Some countries, such as Ukraine (46k BTC), were excluded as their holdings are not part of the national treasury. Sources on judicial seizures include \u003Cspan style=\"color: rgb(53, 152, 219);\">\u003Ca style=\"color: rgb(53, 152, 219);\" href=\"https://www.cnbc.com/2025/03/06/trump-signs-executive-order-for-us-strategic-bitcoin-reserve.html\">CNBC\u003C/a>.\u003C/span> Prepared by Hashdex Asset Management with data from\u003Cspan style=\"color: rgb(53, 152, 219);\"> \u003Ca style=\"color: rgb(53, 152, 219);\" href=\"https://bitcointreasuries.net/governments\">Bitcoin Treasuries\u003C/a>\u003C/span>, from December 31, 2020 to September 30, 2026.&nbsp;\u003C/sup>\u003C/p>\n\u003Cp dir=\"ltr\">&nbsp;\u003C/p>\n\u003Cp dir=\"ltr\">Then last week I had a call with an institutional allocator who has an econometric model for owning gold, but still struggles with how to value bitcoin and whether it belongs in their portfolio at all. It's a fair point, given bitcoin's relatively short track record and the frequent shifts in price correlations, which make it difficult to establish robust statistical relationships with other assets.\u003C/p>\n\u003Cp dir=\"ltr\">Here's how I think about bitcoin. It's an emerging store of value that behaves like two different assets depending on how long you look, and sometimes even depending on the week. In late January, as markets repriced toward a more hawkish Fed after the nomination of its next chair, bitcoin fell more than 30% in nine days, trading like a risk asset. When the Treasury announced that it would double its long-bond buybacks on August 19, it rose almost 20% in three days alongside gold, while tech stocks slipped. That was bitcoin trading like a store of value. Over years, it's a debasement trade: a fixed-supply asset held against currencies that can always be expanded. The 10-week story is largely about liquidity and the 10-year story about supply, and while both can be true, a common mistake is letting short-term noise lead investors to dismiss the longer-term thesis.\u003C/p>\n\u003Cp dir=\"ltr\">What I think most investors miss is the other half of the dollar story: The de-dollarization may be happening in central-bank vaults, but dollarization is happening in people's pockets and increasingly on blockchains, which already has more than $300 billion in tokenized dollars, or stablecoins, outstanding. Since the GENIUS Act requires them to be backed one-for-one by cash and short-term Treasuries, most new crypto dollars end up as demand for US Treasury bills... and as a way to carry the dollar into places banks don't reach.\u003Cstrong>\u003Cbr>\u003C/strong>\u003C/p>\n\u003Cp dir=\"ltr\">&nbsp;\u003C/p>\n\u003Cp dir=\"ltr\">\u003Cstrong>Chart 2 - Dollar as a percentage of Central Bank Reserves\u003C/strong>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Cimg src=\"https://hdx-website-cms-prod-upload-bucket.s3.us-east-1.amazonaws.com/image1_a8ed3b9303.png\" alt=\"\" width=\"643\" height=\"254\">\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csup>The data for the USD reserve in Central Banks is from the Treasury International Capital (TIC) System. Stablecoins market capitalization represents the total value issued in stablecoins and does not indicate impact in the Central Banks reserves. Elaborated by Hashdex Asset Management with data from TIC and Messari from June 30, 2020 to June 30, 2026.&nbsp;\u003C/sup>\u003C/p>\n\u003Cp dir=\"ltr\">&nbsp;\u003C/p>\n\u003Cp dir=\"ltr\">\u003Cspan style=\"color: rgb(53, 152, 219);\">\u003Ca style=\"color: rgb(53, 152, 219);\" href=\"https://www.chainalysis.com/blog/2026-global-crypto-adoption-index/\">Chainalysis's latest adoption report\u003C/a> \u003C/span>shows where that demand comes from. In the twelve months to June, crypto's market value fell by half, yet on-chain economic activity slipped just 1.6%, with crossr-border stablecoin transfers rising 77.5%, in payments averaging about $3,000, from people paying suppliers, sending money home, or, in Chainalysis's words, \"moving savings out of a currency they no longer trust.\" Interestingly,&nbsp; Latin America's crypto economy grew almost 10% while the world's shrank: Venezuela's more than doubled, and Brazil ranked first of 117 countries. Where people have reason to worry about inflation and financial repression, the crypto dollar has become the exit.\u003C/p>\n\u003Cp dir=\"ltr\">An American worried about the dollar gains nothing from a dollar stablecoin; what they'd reach for is the scarce asset. That's why I see crypto on both sides of the dollar question: stablecoins extend the dollar's reach globally, and bitcoin is a claim against its debasement. If US savers ever started thinking about their currency the way emerging-market savers do (and I don't think we're anywhere near that), the adoption curve would look very different from the one we're on.\u003C/p>\n\u003Cp dir=\"ltr\">So I agree with Marks. Crypto belongs on the list of things to consider holding in a weaker-dollar world, and so does his caveat: moving away from the dollar shouldn't be done \"on a great scale&rdquo;. But the case isn't bitcoin alone. A well-constructed crypto index gives you bitcoin for the scarcity side, as well as the smart-contract networks where stablecoins and tokenized assets settle for the distribution side, without having to decide which one the next decade rewards, or which other digital asset investment theses will blossom in the years to come. For most portfolios, that would translate into a single-digit allocation, ranging from 3&ndash;5% sleeves for instance, held as a strategic position rather than a trade, with \u003Cspan style=\"color: rgb(53, 152, 219);\">\u003Ca style=\"color: rgb(53, 152, 219);\" href=\"https://hashdex.com/en-US/insights/a-hidden-return-engine-harnessing-crypto-s-volatility-through-rebalancing\">disciplined rebalancing to put the volatility to work\u003C/a>\u003C/span>.\u003C/p>\n\u003Cp dir=\"ltr\">\u003Cstrong>De-dollarization is happening in central-bank vaults. Dollarization is happening in emerging-market pockets. Crypto sits on both sides.\u003C/strong>\u003C/p>\n\u003Cp>&nbsp;\u003C/p>\n\u003Cp>&nbsp;\u003C/p>\n\u003Cp>______________________\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>Effective January 20, 2026, the index changed its name from Nasdaq Crypto&nbsp;Index (NCI) to Nasdaq CME Crypto Index.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>This material expresses Hashdex Asset Management Ltd. and its subsidiaries and affiliates (&ldquo;Hashdex&rdquo;)'s opinion for informational purposes only and does not consider the investment objectives, financial situation or individual needs of one or a particular group of investors. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing their funds.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>These opinions are derived from internal studies and do not have access to any confidential information. Please note that future events may not unfold as anticipated by our team&rsquo;s research and analysis. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Hashdex.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>By receiving or reviewing this material, you agree that this material is confidential intellectual property of Hashdex and that you will not directly or indirectly copy, modify, recast, publish or redistribute this material and the information therein, in whole or in part, or otherwise make any commercial use of this material without Hashdex&rsquo;s prior written consent.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>Investment in any investment vehicle and crypto assets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicles will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex&rsquo;s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>Nothing herein is intended to imply that the Hashdex s investment methodology or that investing any of the protocols or tokens listed in the Information may be considered &ldquo;conservative,&rdquo; &ldquo;safe,&rdquo; &ldquo;risk free,&rdquo; or &ldquo;risk averse.&rdquo; These opinions are derived from internal studies and do not have access to any confidential information. Please note that future events may not unfold as anticipated by our team&rsquo;s research and analysis.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>Certain information contained herein (including financial information) has been obtained from published and unpublished sources. Such information has not been independently verified by Hashdex, and Hashdex does not assume responsibility for the accuracy of such information. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes for ward-looking statements, which can be identified by the use of terms such as &ldquo;may,&rdquo; &ldquo; will,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;project,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;continue&rdquo; &ldquo;believe&rdquo; (or the negatives thereof ) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or digital tokens may differ materially from those reflected or contemplated in such forward-looking statements.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>As a result, investors should not rely on such forward- looking statements in making their investment decisions. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of Hashdex&rsquo;s investment vehicles or the adequacy of the information contained herein.\u003C/sub>\u003C/p>\n\u003Cp dir=\"ltr\">\u003Csub>Nasdaq&reg; is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular digital asset or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any digital asset or any representation about the financial condition of a digital asset. Statements regarding Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate assets before investing. ADVICE FROM A FINANCIAL PROFESSIONAL IS STRONGLY ADVISED.\u003C/sub>\u003C/p>","2026-09-30",3,{"__typename":46,"data":47},"LanguageRelationResponseCollection",[48,53,56],{"__typename":49,"attributes":50},"LanguageEntity",{"__typename":51,"Code":52},"Language","en",{"__typename":49,"attributes":54},{"__typename":51,"Code":55},"fr",{"__typename":49,"attributes":57},{"__typename":51,"Code":58},"de",{"__typename":12,"data":60},[61,63,66,69],{"__typename":15,"attributes":62},{"__typename":17,"Code":18},{"__typename":15,"attributes":64},{"__typename":17,"Code":65},"KY",{"__typename":15,"attributes":67},{"__typename":17,"Code":68},"EU",{"__typename":15,"attributes":70},{"__typename":17,"Code":71},"CH",{"__typename":73,"data":74},"UploadFileEntityResponse",{"__typename":75,"attributes":76},"UploadFileEntity",{"__typename":77,"name":78,"url":79,"formats":80,"size":111},"UploadFile","Gemini_Generated_Image_m5usiqm5usiqm5us 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