Bitcoin as an emerging asset class, whether used or not in an investment portfolio, should be studied by professional investors.
At my firm, from summer 2017 until spring 2019 we researched bitcoin extensively. We spent the first 100 hours of due diligence understanding the downside risks of bitcoin. Then we spent the next 1,000 hours understanding the potential of investing in this asset class and how to best allocate to bitcoin and add it to a balanced portfolio.
The benefits to our client families' portfolios have more than outweighed the potential volatility. The key was to rebalance around a target exposure.