Do you remember when current account balances used to earn interest? The mechanism was simple: when the bank lent you money, it charged you an interest rate in return; when you were the one lending money to the bank, it paid you interest, credited quarterly to your current account. Indeed, the difference between interest received and interest paid, known as the intermediation margin, is the main source of income a bank earns from its business, and so far, everything checks out. Then, in the...

At the beginning of the year, reviewing asset allocation is a key step for every financial advisor. In a context characterized by persistently high interest rates, greater macroeconomic uncertainty, and less linear returns than in the past, the issue of diversification is once again a priority. In recent years, a specific question has been coming up more and more often: does it make sense to include even a small amount of Bitcoin in a traditional portfolio made up of stocks and bonds? The...