According to Foresight News, Bitwise Chief Information Officer Matt Hougan has released an article titled "Different Ways to Think about the Role of Bitcoin in Investment Portfolios," in which he states that his own investment portfolio is roughly split equally between cryptocurrency, stocks, and cash. He stated that most of the current research on the application of Bitcoin in investment portfolios contains errors, and the true investment strategy should be based on the construction of individual investment portfolios. Bitcoin is a risky asset, and when you add it to your investment portfolio, you may want to reduce the risk of other parts of the portfolio. Instead of considering Bitcoin in isolation, you should start from scratch and consider the entire risk budget.