Bitcoin 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, with data updated through the end of 2016.