
Crypto Custody: Cold Wallets vs. Hot Wallets
Crypto custody spans a spectrum from internet-connected hot wallets to offline cold storage, and the placement decides who controls the keys and who bears each…
Crypto treats digital assets as a portfolio decision rather than a separate universe. Coverage measures correlation with equities and rates, sets volatility budgets, weighs custody and counterparty exposure, and considers the argument for a zero weight. Aimed at investors deciding what percentage, if any, belongs beside existing holdings.
Digital assets sized as a portfolio position: correlation history, volatility budget, custody exposure, and the honest case for holding none of it.

Crypto custody spans a spectrum from internet-connected hot wallets to offline cold storage, and the placement decides who controls the keys and who bears each…

Proof of stake secures a blockchain by making validators lock coins as collateral, replacing mining machinery with capital at risk.