Almost all crypto is up while the s&p is down 1 percent.

Howard marks wrote that crypto was a sign of the bubble but it's actually now benefitting from flight to safety flows. If this is viewed as a diversified asset, watch out!

When commodities were perceived as negatively correlated to stocks in the 2000s ...

they were widely adopted as an alternative asset class that added to portfolio returns due to low correlations. The same argument will likely be made for crypto.

This is very good for all crypto!