Bitcoin has not become practical electronic cash, but it has emerged as a compelling store of value. Demelza Hays holds a doctorate in business economics from the University of Liechtenstein and is a portfolio manager at Zeltner & Co. She publishes the Crypto Research Report and argues that bitcoin is not money in the strict sense. However, it is a credible investment asset that continues to gain traction.

She acknowledges bitcoin’s volatility and higher risk but suggests a 2–5 percent portfolio allocation: “When the price pulls back, I see a buying opportunity, because it is the asset I value most.”

Hays believes the crypto era is still in its early steps. She points to growing interest in digital assets from the US government and to Tether’s accumulation of US debt as signals of mainstreaming: “Bitcoin could become the way out for the US government’s trillionaire debt.” Over time, she contends, governments could hold more crypto in reserves, making bitcoin increasingly akin to gold.

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