“Bitcoin, a New Asset Class” has been published by authors Chris Burniske and Adam White; in their research they identify bitcoin as an emerging asset class analyzing its characteristics over time; they find that its volatility has been decreasing while its price has been increasing; the authors make the case for including bitcoin as an investment in modern portfolio theory calculations; they expect the cryptocurrency to gain increased institutional investment and imply that including it in a modern portfolio theory managed account could help investors more efficiently manage the investment risk according to their risk tolerance. Source
