Bitcoin has established a beachhead in traditional mutual fund portfolios. It’s small and likely to remain so for a while because it’s volatile, not like any other asset class. Even the cryptocurrency pioneers are tiptoeing into it, and not always just to capture its wild, eye-catching gains. Bitcoin’s off-the-charts volatility, covered in this article by Morningstar portfolio strategist Amy Arnott, makes it more likely to appear as a small part of some equity or alternatives funds. It’s unlikely to spread widely in fixed-income strategies: The data from Arnott’s piece notes that bitcoin has been 24 times as volatile as the Bloomberg Barclays U.S. Aggregate Bond Index over the past three years.