Bitcoin: Ringing The Bell For A New Asset Class

ARK Invest and Coinbase explore the merit of bitcoin as the first of its kind in a new asset class—cryptocurrency—distinct from all other asset classes. Universally, we think traditional asset classes must meet the requirement of investability. However, traditional asset classes then differ in their politico-economic features, correlation of price movements, and risk reward profiles. In this paper, all four criteria are explored in the context of the major asset classes.