In financial accounting, an asset is an economic resource. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset. Simply stated, assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset).
In the world of crypto coins, an asset is a term that refers to any cryptocurrency. Even though they are used as money, they have other applications beyond payment. In fact, the classical definition and utility of a currency concept fall short when talking about cryptocurrencies. This is because, while Bitcoin, for example, can be used to buy water, you can also use it to acquire other coins which may hold intrinsic value. University of New South Wales, Usman W. Chohan explained on his paper, Cryptocurrencies: A Brief Thematic Review the nature of crypto assets. Dr Chohan explains that a crypto asset exists in a dimension that is not physical and can only exist in a digital form. Furthermore, the value is derived from supply and demand forces instead of outside intervention, while offering the utmost privacy.