I consider it a deep out of the money call option. There's a small but real chance that Bitcoin (or another crypto) essentially replaces the US dollar as the wo

I consider it a deep out of the money call option. There's a small but real chance that Bitcoin (or another crypto) essentially replaces the US dollar as the world's reserves currency. Bitcoin's total capitalization today is $200 billion. The total value of the dollar is harder to measure and depends on what you count as money or just money-like. But M3 is $20 trillion, and add in short-term T-bills and money markets and it's substantially higher. So in this scenario, it's possible for BTC to rise from $20,000 to $1,000,000+ or higher. Given that, I think it's prudent to allocate 1-2% of your overall net worth to crypto exposure. Especially because we expect it to out-perform in high-inflation/low-growth environments, which is the worst environment for traditional 60/40 portfolios.