Key Insight from Bitcoin for Institutions: 5. Credit markets will be transformed - what creditworthiness actually means is being redefined by this innovation. Chapter: Structured Credit
Key Insight from Bitcoin for Institutions: 5. ETFs provide price exposure but enormous counterparty risk β€”they are not a substitute for true bitcoin ownership through self-custody. Chapter: Bitcoin Custody Requires a Higher Understanding of Tradeoffs
Key Insight from Bitcoin for Institutions: 2. Small employers should consider new pension plans as a tax-advantaged vehicle for bitcoin accumulation. Chapter: Pensions
Key Insight from Bitcoin for Institutions: 3. Bitcoin collateral redefines subordination - behaviorally, it becomes the most senior loan regardless of contractual priority. Chapter: Structured Credit
Key Insight from Bitcoin for Institutions: 5. Start today β€”there are no easy answers, but beginning the journey now will get institutions there faster than waiting. Chapter: Bitcoin Requires More Patience and Time than Institutions Have
""The world came to the realization that there does not exist a risk-free asset, and at the same time, they would grapple with the question of where bitcoin belongs in an investment portfolio."" β€” Brian Hirschfield From: BlackRock (Redefining Portfolio Construction)
Corporate Finance Innovation Strategy has turned corporate finance into a bitcoin accumulation vehicle that other companies are beginning to copy. From: Bitcoin for Institutions
Key Insight from Bitcoin for Institutions: 5. BlackRock's ETF may be the vehicle that finally brings institutional bitcoin exposureβ€”by making it indirect and almost invisible. Chapter: HODL'ing Bitcoin is Irrational
Key Insight from Bitcoin for Institutions: 4. Soft money (fiat currency) represents a form of tyranny that Bitcoin seeks to address. Chapter: Introduction
Key Insight from Bitcoin for Institutions: 4. Both degens and savers will prioritize bitcoin-collateralized loans, creating potential AAA-equivalent credit quality. Chapter: Structured Credit