A law passed earlier this year allows Spezialfonds, open only to institutional investors, to invest up to 20% of assets in cryptocurrencies.
This week, the cryptocurrency markets displayed a more sophisticated understanding of regulatory and technology risk.
The analyst noted both bitcoin and copper behave as “risk-on” inflation hedges, while gold is viewed as a haven.
The study found the correlation with S&P 500 futures rose during big bitcoin moves.
Allianz's report looked at the proliferation of new technologies and the impact they may have on any company’s risk profile.