Madeline is a Senior Research Analyst for Morningstar. She leads Morningstar's research efforts on emerging asset classes, including cryptocurrencies, by establishing data collection, classification systems, analytical tools, and thought leadership.
At this point, the asset class lacks academically substantiated valuation models. Stocks have free cash flows and bonds have loan principals that can be modeled and give these securities their value. Bitcoin has neither, and that makes it too volatile for direct investment through 401(k) plans.