Core Insights - The article discusses the evolving perception of Bitcoin and its fundamentals, emphasizing that while it is often compared to alternative assets, its correlation with high-risk equities is significant [4][5][6]. Group 1: Bitcoin's Value Proposition - Bitcoin is increasingly viewed as a speculative asset rather than a stable store of value, with its price influenced by investor sentiment and market trends [2][4]. - The total supply of Bitcoin is capped at 21 million tokens, with approximately 20 million already minted, highlighting its scarcity as a fundamental aspect of its value [6][9]. - The upcoming Bitcoin halving in 2024 is expected to support price increases over time, as it will reduce the rate at which new Bitcoin is created [11][12]. Group 2: Market Dynamics and Demand - Institutional demand for Bitcoin, particularly through spot ETFs, is becoming a crucial driver of market interest, as these products allow for direct exposure to Bitcoin [15][17]. - Recent developments in the ETF market have significantly impacted investor demand, with asset managers preferring direct ownership or ETFs that hold Bitcoin in cold storage [16][17]. - The current market dynamics suggest that institutional adoption could be a key factor in Bitcoin's future price movements, as it currently represents about 6% of Bitcoin's market capitalization [17].

Asset Allocation - Cryptocurrency, similar to gold, serves as an alternative asset [1] - BlackRock CEO Larry Fink acknowledges cryptocurrency as "not a bad asset" [1]

Investment Strategy - Japan's Government Pension Investment Fund (GPIF) is directly allocating capital to domestic alternative asset funds for the first time [1] - GPIF is investing in real estate and infrastructure, including data centers [1]

The alternative asset industry’s biggest players will likely come out on top once the US paves the way for 401(k)s to go beyond stocks and bonds, Blackstone President Jon Gray said https://t.co/hb22xJQxCy ...