Bitcoin has been on a tear since the start of 2021, and has risen more than 90% so far this year, according to data from Coin Metrics. Those strong gains have been attributed in part to increased adoption of bitcoin by major investors and companies, including Elon Musk’s Tesla and the Bank of New York Mellon.“It’s becoming increasingly difficult for the bitcoin naysayers to continue with their decade-old narrative that bitcoin will never be utilized by traditional … financial institutions,” said Dave Chapman, executive director at BC Group, on Monday. “Frankly, I’m not sure how much more evidence one needs to conclude that bitcoin isn’t going away.”Bitcoin last sat at $55,867.95 per coin as of 3:45 a.m. ET Monday.Still, Demirors warned that investors should not be allocating “significant portions of their balance sheet” to bitcoin.“Our research has found that in a traditional 60–40 portfolio, a 4% allocation to bitcoin balances the reward as well as the risk of drawdowns,” she said. The 60% stock and 40% bond portfolio is traditionally a popular allocation strategy designed to generate steady income while guarding against volatility.