The Lesson for Institutions Bitcoin users will increasingly demand privacy-preserving solutions. Institutions that don't understand this fundamental value proposition will find themselves offering products that sophisticated bitcoin users don't want. From: Bitcoin for Institutions

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 5. Companies must understand bitcoin's impact on individuals to offer competitive compensation and financial services. Chapter: Bitcoin Requires a Deflationary Mindset

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 2. Small allocations generate significant alpha - even 1-2% bitcoin can meaningfully improve portfolio Sharpe ratios. Chapter: Mutual Funds / ETFs - Wielding the Blade

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Like with speech, there cannot be truly free markets without the total freedom to transact . The US uses its status as the central issuer of the world's current reserve currency (the US dollar) and the world's reserve asset (US government bonds) to maintain its status as the dominant leader in the world. The US uses SWIFT payment network access to provide oversight over seemingly every transaction in the global financial system. "Know Your Customer" and "Anti-Money Laundering" regulations claim that nobody transacting has any right to privacy. The reality is that the majority of criminal activity in the world happens in US dollars—a much preferred network for crime than an unencrypted public... From: Bitcoin Users Value Privacy

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

The idea behind LDI is that the return on pension assets isn't as important as the return relative to the liability . If the S&P 500 goes down by 20%, but your investment manager only goes down by 19%, they would be lauded as heroes - even though the plan now has a large hole to fill. From: BlackRock (Redefining Portfolio Construction)

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

The optionality that bitcoin gives a company is of tremendous value. It is important to understand what bitcoin actually is: money (the hardest money the world has ever seen) and not a return-bearing asset. From: Treasury / Balance Sheet - Having Optionality

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

ℹ️ Bitcoin is already less inflationary than gold, and will eventually add no new stock to the world's supply. When inserted into a monetary landscape of vastly inflationary monies like fiat currencies, stocks, bonds, and real estate, the supply-capped bitcoin will continue to absorb the monetary energy of its peers. From: Bitcoin Requires a Deflationary Mindset

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 4. This isn't accounting trickery - bitcoin genuinely lowers costs over time because USD underperforms BTC by design. Chapter: Treasury / Balance Sheet - Having Optionality

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

""I'd say that there are about six minutes left in the game, and it is time to pull the goalie. Bitcoin is ready."" — Brian Hirschfield From: Pensions

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

📝 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. HODL'ing is irrational —it requires a willful ability to resist selling pressure that institutions are structurally incapable of. Chapter: HODL'ing Bitcoin is Irrational

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

""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."" — Brian Hirschfield From: BlackRock (Redefining Portfolio Construction)

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 3. Companies think in quarters, not years —but bitcoin mastery is closer to a human lifetime than a quarter. Chapter: Bitcoin Requires More Patience and Time than Institutions Have

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 5. ETFs provide price exposure but enormous counterparty risk —they are not a substitute for true bitcoin ownership through self-custody. Chapter: Bitcoin Custody Requires a Higher Understanding of Tradeoffs

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 3. Institutional failures in bitcoin (FTX, Celsius, etc.) share common themes of not respecting bitcoin's nature. Chapter: HODL'ing Bitcoin is Irrational

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

⚠️ Several methods of donating were established that raised millions of dollars for these truckers, which never saw their way into their hands as a result of direct intervention by the Trudeau government. From: Bitcoin Users Value Privacy

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 5. Convertible debt enables leverage - Strategy pioneered using corporate finance to accelerate bitcoin accumulation. Chapter: Strategy (Balance Sheet Strength)

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 2. Inadequate reporting kills innovation - without proper metrics, even obvious improvements get rejected due to career risk. Chapter: Epilogue

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 1. Mastery takes time —just as learning guitar requires years of dedicated practice, understanding bitcoin requires sustained commitment. Chapter: Bitcoin Requires More Patience and Time than Institutions Have

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 3. Fiduciary risk is shifting - the greater liability may now be from NOT including bitcoin rather than including it. Chapter: Mutual Funds / ETFs - Wielding the Blade

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors