"Bitcoin is best understood as a monetary good and one of the primary investment theses for bitcoin is as the store of value asset in an increasingly digital world."
"Bitcoin is fundamentally different from any other digital asset. No other digital asset is likely to improve upon bitcoin as a monetary good because bitcoin is the most (relative to other digital assets) secure, decentralized, sound digital money and any “improvement” will potentially face trade-offs."
"Bitcoin’s first technological breakthrough was not as a superior payment technology, but as a superior form of money. As a monetary good, bitcoin is unique. Therefore, not only do we believe that investors should consider bitcoin first to understand digital assets, but that bitcoin should be considered first and separate from all other digital assets that have followed it," was stated in the report.
"Other non-bitcoin projects should be evaluated from a different perspective than bitcoin."
"Bitcoin should be considered an entry point for traditional allocators looking to gain exposure to digital assets."
"Investors should hold two distinctly separate frameworks for considering investment in this digital asset ecosystem. The first framework examines the inclusion of bitcoin as an emerging monetary good, and the second considers the addition of other digital assets that exhibit venture capital-like properties."