Instead of reading this value-empty article, here is the report: https://www.oaktreecapital.com/docs/default-source/memos/the...
In my opinion, the report shows a lack of understanding of the fundamentals and inner-working of both bitcoin and other digital currencies. It is hard for me to take a report so seriously when the author shows incompetency in the underlined topic.
The report main argument against crypto-currencies is: "But they are not real!" repeated multiple times through the report.
Well, define "real". What does it mean to be real? Is the dollar real because you can hold a 1 dollar bill in your hand? If so, is the value of the dollar equal to value of paper; or the amount written on it?
The author main argument is very weak; and in my opinion shows a lack of understanding of how markets work.
In the very long run, everyone will die, the Sun will run out of fuel, and the universe might crunch. We could also be in a simulation.
What matters is the normal distribution of volatility of such assets; for day to day usage. And their trend, for longer term investment. People assume the US dollar is a stable currency because we have yet to experience a black swan event that disrupt that.