From the last section, "Implications", we read<p>> The lower long-run return of cryptocurrencies, relative to equities, is inherent to the asset class, because cryptocurrencies do not generate any cash flows.<p>Ether and other proof-of-stake coins can generate income through staking:
<a href="https://www.thestreet.com/crypto/markets/fidelitys-ethereum-etf-seeks-secs-permission-for-staking" rel="nofollow">https://www.thestreet.com/crypto/markets/fidelitys-ethereum-...</a>
Table 1 shows that from 2020 through Feb 2025, Bitcoin daily returns have had a standard deviation of 4.06%, vs. 1.32% for the S&P 500, and its correlation to the S&P has been 0.38. The high volatility and positive correlation make it unattractive for people who are long stocks.