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Bitcoin Is an Asset Class, Get Used to It - Osprey CEO

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As bitcoin soars past $52,000 and the wild west of cryptocurrencies continues full swing, investors big and small are looking at how to get into the bitcoin game, and whether - or how - the digital token will become an alternative currency that you can buy a cup of coffee or a Tesla  (TSLA) - Get Tesla Inc. Report with.

The answer, according to Osprey Funds' Bitcoin Trust founder and CEO Greg King, is that you probably won't ever be able to buy either with bitcoin, at least not easily. 

What's more likely is that the digital tokens, of which they are only 21 million in the world, will be an asset class like gold - something that larger financial institutions like BNY Mellon  (BK) - Get The Bank of New York Mellon Corporation Report and companies like Elon Musk's Tesla are beginning to lean into. 

"At its core, bitcoin is a disruptive technology; it is software, it was created anonymously, but we think ingeniously - and it is solving a problem," King tells TheStreet's, Corey Goldman. 

Related: Osprey's Low-Cost Bitcoin Trust Now Available To Retail Investors

"A lot of people thought it was going to solve the problem of digital cash. That really isn't panning out, but what it is doing has become a substitute for gold - a digitized store of value."

Related: Four Blockchain ETFs for 2021

Watch the video above to hear more about why bitcoin has become 21st century "digital gold," and how to invest in it - with less than $52,000.

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