Commentary Last Thursday afternoon, the Federal Reserve released a long-awaited report on the subject of a so-called “digital dollar.” In particular, those who do not like or trust the burgeoning Wild West of Bitcoin and its many relatives have wanted the Fed to weigh in and—in their view—take back control of the narrative of what is and can be used as money. What surprised investors was that a Fed report that really came to no hard, fast conclusions nevertheless offered sufficient hints as to where things are heading that the recent selling of cryptocurrencies accelerated. Even more, this all quickly led to the counter-trend rallies in stocks that had been underway being abruptly reversed, with new correction lows for this move logged instead at week’s end. There are two thoughts/lessons in all this: for the cryptocurrency fad specifically and also—and ominously—for the broader markets. First, on Bitcoin, et al. While …