Conviction Over Diversification: The Case for Concentrated Positions in High-Conviction Blockchain Bets
Modern portfolio theory was built for a different era — one where asymmetric upside was rare and correlated risk was manageable. For elite investors operating in emerging blockchain ecosystems, the conventional wisdom of broad diversification may be quietly capping the very returns their expertise and access should command. Understanding when concentration becomes a strategic advantage, rather than a liability, is among the most consequential decisions a sophisticated crypto investor can make.