I writing a paper and wanted to know the best way, method or theory to know if a portfolio is diversified. To give you some context, I wanted to know if whether putting Bitcoin into a portfolio with multi-asset class indexes will give the portfolio diversification benefits. I have two portfolios, a US Market portfolio and an international portfolio.
Although there might be an obvious answer to if Bitcoin does or does not offer diversification, I need to back it up with a method or theory or something. Any help will be appreciated.