Key Insight from Bitcoin for Institutions: 3. Physical bearer assets have prohibitive costs β€”gold requires military-level security and expensive assaying for validation. Chapter: Bitcoin is a Bearer Asset
Bitcoin for Institutions | Math Academy
Interactive course on Bitcoin for institutional investors
πŸ“ On writing this book: "Bitcoin doesn't write books, but it enables people to see value more clearly for themselves, particularly when it comes to what a person spends their scarce time on. Understanding what in the world comes from work and energy, as opposed to the stroke of someone's pen or from printed money, helps people clarify what has true value." From: Introduction
Bitcoin for Institutions | Math Academy
Interactive course on Bitcoin for institutional investors
Key Insight from Bitcoin for Institutions: 2. Bitcoin requires multi-disciplinary knowledge β€”economics, computer science, history, mathematics, game theory, and cryptography. Chapter: Bitcoin Requires More Patience and Time than Institutions Have
Bitcoin for Institutions | Math Academy
Interactive course on Bitcoin for institutional investors
⚠️ The Biggest Borrower: The US government has issued close to $40 trillion in debt - far in excess of GDP. There is zero likelihood of ever paying it back without significant dollar devaluation. If we include unfunded liabilities, we're looking at over $200 trillion. From: Structured Credit
Bitcoin for Institutions | Math Academy
Interactive course on Bitcoin for institutional investors
⚠️ All of these companies' failures took down large chunks of the industry and did a lot to slow the worldwide adoption of bitcoin. Not all were criminal, and many didn't begin with intentions to scam people, but they all eventually found their way near that neighborhood, whether unwittingly or not. From: HODL'ing Bitcoin is Irrational
Bitcoin for Institutions | Math Academy
Interactive course on Bitcoin for institutional investors
The key to Strategy's success is that it is effectively an extension of one individual who believes in bitcoin . This is fundamentally different from a typical corporate governance structure. From: Strategy (Balance Sheet Strength)
Bitcoin for Institutions | Math Academy
Interactive course on Bitcoin for institutional investors
Key Insight from Bitcoin for Institutions: 2. Bitcoin treasuries provide optionality - companies can hold for appreciation or deploy to lower operating costs. Chapter: Treasury / Balance Sheet - Having Optionality
Bitcoin for Institutions | Math Academy
Interactive course on Bitcoin for institutional investors
The Decision Saylor drew the line and refused to allow the US government to debase his company's cash and cash equivalents. From: Bitcoin for Institutions
Bitcoin for Institutions | Math Academy
Interactive course on Bitcoin for institutional investors
ℹ️ Countries vs. Companies: Countries can have a longer time horizon than companies (economists call this "low time preference"). However, most nations are unable to develop a long horizon and end up endlessly borrowing from the IMF and World Bank. Western democracies have generally short time horizons as leaders are elected every few years. From: HODL'ing Bitcoin is Irrational
Bitcoin for Institutions | Math Academy
Interactive course on Bitcoin for institutional investors
""If bitcoin is going to help the current financial system transcend the problems of previous systems, then institutions that wish to utilize it are going to need to develop optics and metrics that demonstrate success and failure."" β€” Brian Hirschfield From: Epilogue
Bitcoin for Institutions | Math Academy
Interactive course on Bitcoin for institutional investors