It’s happy holidays for the crypto loyalists

This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the most popular stories Bloomberg Opinion publishes each week based on [Bloomberg]( This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the most popular stories Bloomberg Opinion publishes each week based on web readership. New subscribers can [sign up here](. [If You Held On for Dear Life, It's a Merry Cryptomas!]( — Niall Ferguson It's Merry Cryptomas, everybody! Bitcoin is up 167% year-to-date. Ethereum is up 91%. If a massive crypto rally was one of your predictions for 2023 a year ago, I take my hat off to you. Compare those returns with other asset classes. The Nasdaq is up 36%. The S&P 500 is up 19%. Gold is up 10.7%. If you were long oil or a broad basket of commodities, you are down 10%-12%. Source: Bloomberg A year ago, many of us thought — I certainly did — that it was game over for crypto and that the naysayers were going to be vindicated. By this time last year, the reputational storm engulfing crypto exchanges had convinced me that the entire edifice of blockchain-based finance was rotten and that I should immediately sell most of the bitcoin (BTC), ether (ETH) and other tokens I had acquired since becoming a convert to crypto back in 2017. I was a fool. I had forgotten rule No. 1 of crypto investing: Once you have bought the stuff, you should always HODL — hold on for dear life. Read the [whole thing](. [Wanted: A Covid Booster That Actually Works]( — F.D. Flam [Moms for Liberty Flunks Its Own Morality Test]( — Mary Ellen Klas [Supreme Court Unlikely to Uphold Colorado Ruling Disqualifying Trump]( — Noah Feldman [Jerome Powell’s Pivot Is a Pretty Big Gamble]( — Bill Dudley [Porsche’s Race With Ferrari Is Really No Contest]( — Chris Bryant [Xi Got Lucky This Year. He Shouldn’t Get Used to It]( — Minxin Pei [Apple Watch Ban Is a Cherry on Top of Cook’s Miserable Year]( — Dave Lee [Hong Kong Bankers’ Uneasy Dance With Property Tycoons]( — Shuli Ren [The US Needs More Foreign Entanglements]( — Andreas Kluth More From Bloomberg Opinion Here’s what we’ve been listening to this week. - [Crash Course: Trump Is About to Hear a Big Fraud Verdict]( with Timothy L. O’Brien - [Bloomberg Opinion: Eco Sentiment and Food Experiments]( with Conor Sen, F.D. Flam, Jonathan Levin and Howard Chua-Eoan - [In the City: Get Ready for a ‘Ho-Hum’ UK Retail Holiday]( with Francine Lacqua, Allegra Stratton and Andrea Felsted Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](