Crypto-assets Mature?

What are the essential investment features of crypto-assets? In their October 2025 paper entitled “Cryptocurrency as an Investable Asset Class: Coming of Age”, Nicola Borri, Yukun Liu, Aleh Tsyvinski and Xi Wu synthesize the rapidly growing body of research on crypto-assets into 10 statements summarizing how they behave in aggregate as an asset class, how their markets work and what distinguishes them from traditional asset classes. Using price data from CoinGecko.com for all live and dead crypto-assets with at least 30 daily observations during December 31, 2013 through September 6, 2025, they find that:

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