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But is it a realistic concern for 2021? I'd argue "no".

… although the cyclic nature of human behavior suggests there may be mini-upticks and stalls in the rate of decline as society collectively moves toward a more normal back half of 2021.

Find attached an exceptional piece of thought leadership on the investment merits and role of digital currencies - particularly Bitcoin - in the current and future economy.

U.S. vaccination rates accelerate while daily case trends continue to decline. Absent a vaccine-immune covid variant, the economic outlook for the back half of 2021 looks very strong.

… but unless a truly vaccine resistant Covid-19 variant emerges, I'd reiterate my advice to clients in my last posting of 2020 - look through the "bumps". Vaccinations are now greatly outpacing the daily rate of new infection.

While North American infection rates decline, indications are that current vaccines will be largely effective (with some caveats) against the new Covid variants. Meanwhile, with Joe Biden at the helm, the tone from Washington takes a striking turn.

Economic recovery should continue and accelerate through 2021, but the new Covid-19 variants bear careful attention as potential disruptors. Meanwhile, good riddance Mr. Trump.

The back half of 2021 should see our everyday lives begin to return to normal and, with this, a correlated recovery in broad swaths of the economy. I continue to incrementally position portfolios in anticipation.

We shall see if a better entry point is offered in the weeks ahead. Should it occur, I'd use the opportunity to shift portfolios toward a modest overweight in equities. At present, portfolios remain neutral.