What started as a fiendishly clever curiosity shared on an esoteric anti-authoritarian cryptography mailing list, has now developed into a legitimate emerging asset class in its own right, discussed in boardrooms of banks and pension funds throughout the world.

Institutional investors make asset allocations decisions in a portfolio context. Retail investors allocate mostly based on what they think is going to pump with little regard to a portfolio context. Both have found hodling difficult for distinct reasons. So far, it’s been the best strategy.