Do You Include Cryptocurrency in Portfolio Construction?

Maybe.  The SEC's approval of spot price Bitcoin ETFs signaled regulatory acceptance of Bitcoin as a legitimate asset and made it easly accessible to millions of American consumers.  While we definitely do not include cryptocurrency in every portfolio, we believe that Bitcoin, in particular has achieved sufficient network effects serve as a store of value in consumer investment portfolios.  We believe that Bitcoin may have value as a hedging asset to help portfolios offset volatility caused by macroeconomic shocks such as a decline in the value of the dollar and/or an incease in inflation.  While it should be regarded a volatile asset, structural scarcity may also offer aggressive investors an opportunity for price apprecation. At this time, Bitcoin stands apart from all other cryptocurrency.  We believe it is important to raise awaerness of its potential role in client portfolios, and defer to the clients's wishes as to whether it should be included or not.