Key Insight from Bitcoin for Institutions: 5. Target date funds are the biggest opportunity - trillions in assets with long horizons and passive investors. Chapter: Mutual Funds / ETFs - Wielding the Blade

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 2. "Risk-free" assets proved to be an illusion - government bonds lost 30-50% of value, shattering Modern Portfolio Theory. Chapter: BlackRock (Redefining Portfolio Construction)

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 3. BlackRock pivoted dramatically from calling bitcoin "only useful to money launderers" to launching the largest bitcoin ETF. Chapter: BlackRock (Redefining Portfolio Construction)

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Key Insight from Bitcoin for Institutions: 1. Bitcoin is the largest fixed-supply asset on Earth with 21 million units capped by immutable protocol, 95% already issued. Chapter: Bitcoin Requires a Deflationary Mindset

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

An important feature that makes it unintuitive for both individuals and institutions to integrate bitcoin into their financial landscapes is its deflationary nature , or at least highly disinflationary design. Bitcoin is the largest fixed-supply asset on Earth, programmed by its immutable protocol to cap out at 21 million whole units. From: Bitcoin Requires a Deflationary Mindset

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

If you are a typical institution wanting to use bitcoin, chances are that you are unfamiliar with bearer assets. You may be wondering why you are even reading about them. A lot of the confusion that exists around bitcoin stems from the extraordinary property that it has of being a bearer asset. From: Bitcoin is a Bearer Asset

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Low Interest Rates Convertible bonds often have near-zero coupon rates because investors want exposure to potential equity upside. From: Bitcoin for Institutions

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: 1. LDI strategies failed spectacularly when rates reversed in 2022, requiring Bank of England emergency intervention. Chapter: BlackRock (Redefining Portfolio Construction)

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

The Right Risk Pensions need to think about the right risk - not volatility of returns, but probability of meeting their obligations. From: Bitcoin for Institutions

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Fiduciary Duty Executives are legally bound to deliver profits to shareholders and enhance share value. From: Bitcoin for Institutions

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Risk Disclosure Clear disclosure of bitcoin's volatility, custody risks, and the unsecured nature of NQDC benefits is essential. From: Bitcoin for Institutions

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. 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

Value in Crisis When legal structures break down in society, these assets don't require institutions to retain their value. From: Bitcoin for Institutions

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

📝 It is what it is — you're not gonna play the guitar without putting in the time, and time is very costly . It can't be faked, and it's a particularly gratifying win when it is realized for that reason. From: 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. Start with ETFs, evolve to treasury - use ETFs to launch quickly, then build toward company-held bitcoin. Chapter: Deferred Compensation - Riding the Wave

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

Financial crises happen - even trustworthy borrowers can find themselves unable to pay A hallmark of a society built on inflationary money is that debt is ubiquitous. It makes sense to borrow money now, use it for something valuable, and pay back your loan in the future with debased money. In a world without bitcoin, this is how people win in the fiat game - you want to be a borrower. 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. Governments raise money by selling securities ... From: Structured Credit

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors

""A company that holds bitcoin in its treasury has a significant optionality advantage over one that does not."" — Brian Hirschfield From: Treasury / Balance Sheet - Having Optionality

Bitcoin for Institutions | Math Academy

Interactive course on Bitcoin for institutional investors