Bitcoin, Cathie Wood’s Tesla Sale, and Junk Bond Porn

Michael Milken, the junk bond king
Michael Milken, the junk bond king Photo by Rick Maiman/Sygma via Getty Images
William D. Cohan
October 3, 2021

Since I began writing my column for Puck, I’ve been inundated with feedback about Wall Street’s biggest characters and concerns. I’ll be engaging with some of those questions here—in addition to a few observations of my own.


Bitcoin had its biggest jump since July on Friday after Jay Powell said the U.S. has no plans to ban crypto. Where do senior executives on Wall Street and investors generally stand on the digital currency, in particular, and the crypto market, in general? 

Obviously there are some big names on Wall Street that have been all over Bitcoin for years, such as Mike Novogratz, the hedge fund manager, and Cathie Wood, the money manager (more on her below). There are some, like Anthony Scaramucci, who are 2021 converts and who now think it’s the greatest thing since sliced bread.