Bitcoin is not a stock, but a volatile digital commodity with deep liquidity and a fixed supply. The supply is capped at 21 million coins, making it a valuable asset for investors as opposed to traditional stock. Investors are divided into two camps: "Bitcoin purists" who prefer to hold the asset directly in a personal crypto wallet, while "pragmatists" seek exposure without learning the plumbing. The CFTC and SEC treat Bitcoin as a commodity, rather than a stock. However, Fidelity's recent research found that adding even a tiny 1% of Bitcoin to a traditional portfolio significantly increases portfolio volatility.