Bitcoin has no role in institutional or retail investors portfolios. It is not a currency: not an unit of account, not a scalable means of payment & is a highly volatile store of value. It is heavily manipulated: look at the investigation of  Bitfinex by US law enforcement. 1/n

See also the academic evidence that Tether is used to manipulate the Bitcoin market. And look at the recent indictment of BitMex and his criminal CEO & gang. It has no intrinsic value, it is not backed by any asset, it is not legal tender, it cannot be used to pay taxes. 2/n

Almost no merchant uses Bitcoin as its price volatility leads to market risk that any profit margin is wiped out before u can convert it back into fiat. Not scalable means of payments. It's toxic for the environment as POS hogs enormous amounts of energy & pollutes the earth. 3/n

Bitcoin is not an asset as it has ZERO intrinsic value. Assets do either provide an income or capital gains or utility or real use of some sort. Stocks, bonds, real estate, other assets provide both income (dividends, interest, rent) & capital gains & housing services for RE; 4/n

Gold/silver dont provide income but give capital gains, utility (jewelry) & used in industry.  BTC doesn't give income, has no other utility services (such as unit of account or means of payments) & provides only capital gains (or losses) based purely on speculative motives. 5/n