A recent research paper published by ARK Investment Management LLC (Ark Invest) and Coinbase, Bitcoin: Ringing the Bell for a New Asset Class, makes a strong case that bitcoin is “the first of its kind in a new asset class – cryptocurrency.”
Ark Invest’s blockchain analyst and products lead, Chris Burniske, and Coinbase Vice President of Business Development Strategy, Adam White, co-authored the paper, which explores the merits of cryptocurrency as a new asset class for investors.
“Bitcoin exhibits characteristics of a unique asset class—meeting the bar of investability, and differing substantially from other assets in terms of its politico-economic profile, price independence, and risk-reward characteristics.”
– Burniske and White
While the authors of the paper are not the first to suggest that cryptocurrencies represent a bona fide asset class, that investors should be watching like any other, they do appear to be the first to quantify and qualify that sentiment in an investment bank-ready report.
Burniske and White used the definition of an asset class addressed in Robert Greer’s seminal 1997 paper, What is an Asset Class, Anyway? In his paper, Greer