BITCOIN A New Asset Class?
An Analysis on the cHaracteristics and investibility of bitcoin
An Original Research White Paper by ARK Invest and Coinbase
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, with data updated through the end of 2016.