Understanding Bitcoin - Does bitcoin belong in asset allocation considerations?

Among many portfolio managers, bitcoin seems to be gaining legitimacy as an asset class. But the digital-asset space is rather technical, and the learning curve can be very steep. Getting on board with bitcoin takes serious commitment. I intend this paper as a brief plain-English primer, but also to assess, in a meaningful way, the value proposition of bitcoin as it relates to asset allocation. Of course, what follows pertains to my own learning and, thus, represents just one opinion among many.