Many quantitative advisors have been saying that adding a small exposure to cryptocurrencies add a diversification benefit to portfolios. The interesting point is that it also added returns in the models they ran.
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Yes I have seen that as well. I believe the optimal model showed exposure around 10% or so to cryptocurrency (bitcoin). Though 5% was also mentioned for those slightly more risk averse.
According to Tom Lee Bitcoin has uncorrelated alpha with other asset classes which make it extremely valuable to portfolios. There are a few assets that display the same characteristics.
There are very few as uncorrelated as btc