Never Mind Hodlers, Crypto Needs More Opportunist Investors

This is quite different than how most asset managers and professional investors invest, who are generally locked into an asset class based on specific mandate, and are therefore forced to try to make something out of whatever is available to them, even if the opportunity set isn't great.

While some may label Icahn an activist investor, or a vulture investor, he's actually more appropriately labeled as an "Opportunist," which is to say he isn't just an equity guy or a bond guy or a real estate guy.

The crypto markets to date have been dominated by crypto-native investors.

Crypto investing doesn't fit with traditional investor mandates, nor does it fit within the work flows of traditional banks, prime brokerages, exchanges or algorithms.

This is slowly changing with the entry of traditional financial powerhouses to the digital assets space like Fidelity, CME and NYSE, but this asset class is still largely foreign and unappealing to the majority of investors.

Crypto needs investors to come and go who aren't solely crypto investors.

As a non-equity investor, this seems like a better time to sell than buy.

If you're not focused every day on digital assets and were presented with just the facts right now regarding supply and demand, adoption and monetary policy, you might conclude the current macro environment is creating the perfect storm for owning certain digital assets.

In 2008, many value investors moved away from equities and into corporate bonds, and distressed debt investors largely moved into bank debt and mortgages.

In 2012, many U.S. bond investors moved into European bank loans.