Bitcoin for Institutions

https://zeuspay.com/btc-for-institutions

Insights from "Bitcoin for Institutions" by Brian Hirschfield. Learn how institutional investors can approach Bitcoin.

Buy the book: https://zeuspay.com/btc-for-institutions

Free course: https://bfi-liart.vercel.app

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Last Notes

2026-03-02 03:11:43 UTC

""Holding a bitcoin treasury and using it in lieu of ETFs is a superior strategy that eliminates the counterparty credit risk entirely.""
— Brian Hirschfield
From: Deferred Compensation - Riding the Wave
https://bfi-deploy.vercel.app/#/section/9

2026-03-01 23:37:14 UTC

Con: Legacy Technology
Their custody technology predates best practices developed since the Blocksize War, particularly Segregated Witness (Segwit).
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/3

2026-03-01 22:42:51 UTC

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)
https://bfi-deploy.vercel.app/#/section/7

2026-03-01 21:36:10 UTC

⚠️ 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
https://bfi-deploy.vercel.app/#/section/6

2026-03-01 20:42:53 UTC

Key Insight from Bitcoin for Institutions:
4. Soft money (fiat currency) represents a form of tyranny that Bitcoin seeks to address.
Chapter: Introduction
https://bfi-deploy.vercel.app/#/section/0

2026-03-01 19:34:48 UTC

Key Insight from Bitcoin for Institutions:
1. Hardware wallets have made self-custody accessible , but the only real obstacle remains one's ability to protect a 12- or 24-word seed phrase.
Chapter: Bitcoin Custody Requires a Higher Understanding of Tradeoffs
https://bfi-deploy.vercel.app/#/section/3

2026-03-01 18:51:32 UTC

Validation Costs
Even if secured, it's extremely expensive to prove its existence and authenticity. Gold bars need to be melted down and assayed.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/5

2026-03-01 17:37:29 UTC

The Four-Year Rhythm: The earliest that bitcoin collateral can be wound down is four years, aligned with bitcoin's four-year halving cycle. The loan carries a single-digit interest rate and has a maturity of 10 years. Credit markets operate around the concept of subordination - which loans get paid off first if a borrower has multiple loans. The most senior loan (paid off first) is the most creditworthy and demands the lowest yield. This idea of seniority is about to be flipped on its head by Battery Finance's loan product. If a borrower posts bitcoin as collateral, this loan would automatically become the most senior loan - not because of contractual priority, but because of behavioral prio...
From: Structured Credit
https://bfi-deploy.vercel.app/#/section/12

2026-03-01 16:45:32 UTC

Key Insight from Bitcoin for Institutions:
2. Bitcoin is the most powerful bearer asset ever created —non-physical, easy to validate, and impossible to seize without consent.
Chapter: Bitcoin is a Bearer Asset
https://bfi-deploy.vercel.app/#/section/5

2026-03-01 15:37:16 UTC

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
https://bfi-deploy.vercel.app/#/section/14

2026-03-01 14:42:18 UTC

Key Insight from Bitcoin for Institutions:
2. Bitcoin is already less inflationary than gold at ~0.8% annual supply increase, halving every four years until 0% in 2140.
Chapter: Bitcoin Requires a Deflationary Mindset
https://bfi-deploy.vercel.app/#/section/2

2026-03-01 13:50:04 UTC

Key Insight from Bitcoin for Institutions:
1. Ordinary bitcoin holders outperformed every professional fund - fund managers who ignored bitcoin have explaining to do.
Chapter: Mutual Funds / ETFs - Wielding the Blade
https://bfi-deploy.vercel.app/#/section/10

2026-03-01 13:10:23 UTC

Key Insight from Bitcoin for Institutions:
3. Physical bearer assets have prohibitive costs —gold requires military-level security and expensive assaying for validation.
Chapter: Bitcoin is a Bearer Asset
https://bfi-deploy.vercel.app/#/section/5

2026-03-01 11:33:31 UTC

ℹ️ Market Cap Explosion: Strategy's market capitalization has grown from approximately $1 billion to nearly $100 billion, driven primarily by their bitcoin holdings. They await S&P 500 entry despite meeting the criteria.
From: Strategy (Balance Sheet Strength)
https://bfi-deploy.vercel.app/#/section/7

2026-03-01 10:44:46 UTC

""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
https://bfi-deploy.vercel.app/#/section/11

2026-03-01 09:44:26 UTC

Key Insight from Bitcoin for Institutions:
3. Operating profitability can be improved by systematically selling bitcoin gains and including them in operating revenue.
Chapter: Treasury / Balance Sheet - Having Optionality
https://bfi-deploy.vercel.app/#/section/11

2026-03-01 08:48:07 UTC

Key Insight from Bitcoin for Institutions:
1. CBDCs threaten financial privacy —China's CBDC is a preview of the totalitarian panopticon Western governments could implement.
Chapter: Bitcoin Users Value Privacy
https://bfi-deploy.vercel.app/#/section/6

2026-03-01 07:47:43 UTC

""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.""
— Brian Hirschfield
From: Epilogue
https://bfi-deploy.vercel.app/#/section/14

2026-03-01 07:04:45 UTC

Key Insight from Bitcoin for Institutions:
1. Institutional resistance is ruthless - incentives, not logic, drive corporate decision-making. The LDI story proves this.
Chapter: Epilogue
https://bfi-deploy.vercel.app/#/section/14

2026-03-01 05:32:03 UTC

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
https://bfi-deploy.vercel.app/#/section/3

2026-03-01 03:23:58 UTC

Key Insight from Bitcoin for Institutions:
4. Bitcoin expertise is scarce —arguably fewer than 5,000 people on Earth have the required mastery for institutional implementation.
Chapter: Bitcoin Requires More Patience and Time than Institutions Have
https://bfi-deploy.vercel.app/#/section/4

2026-02-10 15:22:10 UTC

Personal Power
Like learning to drive and no longer depending on others for rides
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/5

2026-02-10 13:54:31 UTC

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
https://bfi-deploy.vercel.app/#/section/4

2026-02-10 12:01:34 UTC

Key Insight from Bitcoin for Institutions:
5. The opportunity is real - bitcoin can help transcend previous system failures, but only with proper institutional frameworks.
Chapter: Epilogue
https://bfi-deploy.vercel.app/#/section/14

2026-02-10 11:14:11 UTC

The Action
In August 2020, he converted $250 million into approximately 21,000 bitcoin. The rest is monetary history.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/7

2026-02-10 10:13:20 UTC

Key Insight from Bitcoin for Institutions:
4. Institutions must shift to Future Value thinking to properly understand bitcoin's role in protecting purchasing power.
Chapter: Bitcoin Requires a Deflationary Mindset
https://bfi-deploy.vercel.app/#/section/2

2026-02-10 09:13:16 UTC

The Strategy
1. Assume a forward-looking return of bitcoin as an actuarial assumption (30% or 40% a year is reasonable based on historical data). 2. Establish a clearly defined program that actually sells a certain amount of bitcoin regularly. 3. Demonstrate to auditors and regulators the ability to execute this strategy. 4. Classify a percentage of treasury gains as operating income instead of capital gains. To illustrate how a company could do this, consider a large bitcoin mining company that holds a BTC treasury from their mining operations:
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/11

2026-02-10 07:32:55 UTC

""The crux of the matter is the notion that HODL'ing is an irrational and unreasonable act, or at least requires a willful ability to be irrational or unreasonable.""
— Brian Hirschfield
From: HODL'ing Bitcoin is Irrational
https://bfi-deploy.vercel.app/#/section/1

2026-02-10 05:48:07 UTC

""Using bitcoin in funds is the most obvious and non-thinking way for a fund, their investors, and their investors' shareholders to sleepwalk their way to unimaginable wealth.""
— Brian Hirschfield
From: Mutual Funds / ETFs - Wielding the Blade
https://bfi-deploy.vercel.app/#/section/10

2026-02-10 03:29:33 UTC

As an engineer, Saylor explained the properties of bitcoin from an engineering perspective in a way that is likely responsible for levelling up the understanding of bitcoin from "Magic Internet Money" to "Thermodynamically Sound Digital Real Estate." Saylor's worldview was simple. He had a $250 million pile of cash in 2020 and was looking at an epic monetary debasement of Western fiat currencies. The US was on its way to printing $7 trillion over an M2 monetary base of $15 trillion. $7 trillion printed over $15 trillion M2 base - nearly a 50% expansion of the money supply in a short period. Western cash holders were caught off guard, lulled into complacency by fifteen years of gaslighting ab...
From: Strategy (Balance Sheet Strength)
https://bfi-deploy.vercel.app/#/section/7

2026-02-09 23:53:55 UTC

...then the need for a censorship-resistant, permissionless money becomes self-evident. Bitcoin, held in self-custody, could not have been blocked, frozen, or redirected by any government.
From: Bitcoin Users Value Privacy
https://bfi-deploy.vercel.app/#/section/6

2026-02-09 22:59:06 UTC

ℹ️ Small Employers: It would make sense for owners of small companies (under 100 employees) to offer a defined benefit plan and maximize their contributions in bitcoin. Before the 1990s, hundreds of thousands of such companies offered pensions as a great tax shelter that also provided compensation to employees.
From: Pensions
https://bfi-deploy.vercel.app/#/section/13

2026-02-09 21:56:28 UTC

""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
https://bfi-deploy.vercel.app/#/section/13

2026-02-09 20:58:32 UTC

A key determinant of whether it pays to pull the goalie is how much time is left in the game . According to Brown/Asness, it made sense to pull the goalie with six minutes left - an uncomfortably long time that seems unintuitive but maximizes winning probability.
From: Pensions
https://bfi-deploy.vercel.app/#/section/13

2026-02-09 19:40:58 UTC

""If a borrower posts bitcoin as collateral, this loan would automatically become the most senior loan. A person will let any other asset go before relinquishing their bitcoin to a lender.""
— Brian Hirschfield
From: Structured Credit
https://bfi-deploy.vercel.app/#/section/12

2026-02-09 18:06:40 UTC

Key Insight from Bitcoin for Institutions:
1. Bitcoin is peer-to-peer. It is a cash system designed for individuals, and companies are always an individual acting on their behalf.
Chapter: HODL'ing Bitcoin is Irrational
https://bfi-deploy.vercel.app/#/section/1

2026-02-09 17:15:13 UTC

ℹ️ The Four-Year Rhythm: The earliest that bitcoin collateral can be wound down is four years, aligned with bitcoin's four-year halving cycle. The loan carries a single-digit interest rate and has a maturity of 10 years.
From: Structured Credit
https://bfi-deploy.vercel.app/#/section/12

2026-02-09 16:13:38 UTC

2026-02-09 15:11:48 UTC

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
https://bfi-deploy.vercel.app/#/section/2

2026-02-09 13:48:46 UTC

2026-02-09 11:56:49 UTC

Existential Necessity
It usually requires an existential problem to get all of the battleships aligned around a single long-term objective.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/4

2026-02-09 10:17:24 UTC

Bitcoin can be uniquely used by companies which hold it in their treasury to lower their operating costs . This is of interest to CFOs and management teams because "operating profitability" is typically how they are judged by their boards and what their incentive compensation payouts depend on.
From: Treasury / Balance Sheet - Having Optionality
https://bfi-deploy.vercel.app/#/section/11

2026-02-09 09:11:01 UTC

Key Insight from Bitcoin for Institutions:
5. Self-custody enables unprecedented sovereignty —unlimited wealth stored in a 12-word seed phrase, accessible anywhere on Earth.
Chapter: Bitcoin is a Bearer Asset
https://bfi-deploy.vercel.app/#/section/5

2026-02-09 07:21:27 UTC

Key Insight from Bitcoin for Institutions:
2. Small employers should consider new pension plans as a tax-advantaged vehicle for bitcoin accumulation.
Chapter: Pensions
https://bfi-deploy.vercel.app/#/section/13

2026-02-09 05:46:17 UTC

Key Insight from Bitcoin for Institutions:
3. Tesla's exit validates the theory - without a dominant individual, institutional pressure will force selling.
Chapter: Strategy (Balance Sheet Strength)
https://bfi-deploy.vercel.app/#/section/7

2026-02-09 03:21:51 UTC

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
https://bfi-deploy.vercel.app/#/section/2

2026-02-08 23:47:28 UTC

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
https://bfi-deploy.vercel.app/#/section/4

2026-02-08 22:48:13 UTC

Key Insight from Bitcoin for Institutions:
4. KYC/AML regulations are weaponized —while most crime happens in dollars, these regulations strangle innovation and honest business.
Chapter: Bitcoin Users Value Privacy
https://bfi-deploy.vercel.app/#/section/6

2026-02-08 21:43:53 UTC

Key Insight from Bitcoin for Institutions:
4. Coinbase's legacy technology predates Segwit best practices, creating systemic risk for ETFs using them as custodian.
Chapter: Bitcoin Custody Requires a Higher Understanding of Tradeoffs
https://bfi-deploy.vercel.app/#/section/3

2026-02-08 20:45:17 UTC

2026-02-08 19:38:04 UTC

Key Insight from Bitcoin for Institutions:
3. Present Value masks debasement —traditional financial valuation hides the erosion of purchasing power in fiat currencies.
Chapter: Bitcoin Requires a Deflationary Mindset
https://bfi-deploy.vercel.app/#/section/2

2026-02-08 18:56:28 UTC

Key Insight from Bitcoin for Institutions:
5. Start today —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
https://bfi-deploy.vercel.app/#/section/4

2026-02-08 17:45:07 UTC

2026-02-08 16:49:46 UTC

Institutional Holdings
Even dedicated institutions like Strategy will act like individuals with limited power in the Bitcoin economy.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/0

2026-02-08 15:42:13 UTC

Key Insight from Bitcoin for Institutions:
2. Freedom to transact is an extension of free speech —monetary transactions in the digital world are just messages.
Chapter: Bitcoin Users Value Privacy
https://bfi-deploy.vercel.app/#/section/6

2026-02-08 14:48:00 UTC

📌 What you'll gain: By working through Bitcoin for Institutions , you'll develop a comprehensive understanding of Bitcoin from an institutional perspective— including its limitations, its opportunities, and the specific strategies available for institutional exposure through deferred compensation, ETFs, treasury management, structured credit, and pension funds.
From: Introduction
https://bfi-deploy.vercel.app/#/section/0

2026-02-08 13:56:46 UTC

2026-02-08 13:13:40 UTC

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)
https://bfi-deploy.vercel.app/#/section/8

2026-02-08 11:36:38 UTC

2026-02-08 10:48:26 UTC

Key Insight from Bitcoin for Institutions:
5. 100% allocation is justified for pensions that will survive the next two halving cycles (eight years).
Chapter: Pensions
https://bfi-deploy.vercel.app/#/section/13

2026-02-08 09:45:45 UTC

Key Insight from Bitcoin for Institutions:
4. Six minutes left in the game - there are limited bailouts remaining, and pensions need to act now.
Chapter: Pensions
https://bfi-deploy.vercel.app/#/section/13

2026-02-08 08:51:19 UTC

Key Insight from Bitcoin for Institutions:
2. The power of bitcoin as capital depends on its owner—not just the quantity held.
Chapter: Introduction
https://bfi-deploy.vercel.app/#/section/0

2026-02-08 07:50:54 UTC

2026-02-08 07:08:30 UTC

2026-02-08 05:41:28 UTC

ℹ️ 16 Years of Returns: Bitcoin's 16-year return history makes it the best-performing asset class in history, despite massive drawdowns along the way. Professional money managers who ignored it have significant explaining to do.
From: Mutual Funds / ETFs - Wielding the Blade
https://bfi-deploy.vercel.app/#/section/10

2026-02-08 03:35:13 UTC

Like with speech, there cannot be truly free markets without the total freedom to transact .
From: Bitcoin Users Value Privacy
https://bfi-deploy.vercel.app/#/section/6

2026-02-07 23:47:56 UTC

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
https://bfi-deploy.vercel.app/#/section/2

2026-02-07 22:47:15 UTC

📝 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
https://bfi-deploy.vercel.app/#/section/0

2026-02-07 21:42:14 UTC

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)
https://bfi-deploy.vercel.app/#/section/8

2026-02-07 20:45:17 UTC

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
https://bfi-deploy.vercel.app/#/section/2

2026-02-07 19:36:03 UTC

Key Insight from Bitcoin for Institutions:
2. Saylor's engineering mindset elevated bitcoin from "Magic Internet Money" to "Thermodynamically Sound Digital Real Estate."
Chapter: Strategy (Balance Sheet Strength)
https://bfi-deploy.vercel.app/#/section/7

2026-02-07 18:54:40 UTC

From the Brown/Asness Paper:
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/13

2026-02-07 17:44:09 UTC

2026-02-07 16:49:41 UTC

Long Horizons
Young workers have 30-40 year horizons - perfect for bitcoin's volatility profile.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/10

2026-02-07 15:42:01 UTC

2026-02-07 14:45:33 UTC

Key Insight from Bitcoin for Institutions:
4. Corporate balance sheet holdings require a dominant individual (like Saylor) to overcome institutional pressure to sell.
Chapter: HODL'ing Bitcoin is Irrational
https://bfi-deploy.vercel.app/#/section/1

2026-02-07 13:54:28 UTC

Credit is one of the fundamental features of any high-functioning society. The ability to borrow and lend at a healthy equilibrium is what separates the highest functioning economies from the lowest ones. Credit is built on trust and trustworthiness - characterized by its own term: creditworthiness.
From: Structured Credit
https://bfi-deploy.vercel.app/#/section/12

2026-02-07 13:12:43 UTC

Debts are assigned a priority so lenders understand where they stand on each particular loan
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/12

2026-02-07 11:35:13 UTC

Key Insight from Bitcoin for Institutions:
5. Institutions must understand why individuals value bitcoin to successfully integrate it into their strategies.
Chapter: Introduction
https://bfi-deploy.vercel.app/#/section/0

2026-02-07 10:46:54 UTC

""A bearer asset is a type of financial asset where ownership is determined by physical possession, rather than by registration or the holder's identity. In the past, traditional bearer assets included cash, because back in the gold standard era, cash represented a claim on the Central Bank gold reserve.""
— Brian Hirschfield
From: Bitcoin is a Bearer Asset
https://bfi-deploy.vercel.app/#/section/5

2026-02-07 09:45:59 UTC

2026-02-07 08:49:39 UTC

2026-02-07 07:46:14 UTC

Authenticity Risk
Gold and silver bars must be verified to ensure they are not just gold-plated tungsten.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/5

2026-02-07 07:02:33 UTC

Con: Fast-Track Adoption
BlackRock spent the majority of the last decade hating bitcoin until 2023. They wanted to fast-track their adoption, choosing speed over security.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/3

2026-02-07 05:57:50 UTC

Phase 1: ETF-Based Program
Start with ETFs (IBIT, FBTC) to get the program operational. This is the fastest path to offering bitcoin in NQDC.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/9

2026-02-07 04:48:24 UTC

""Cryptography is ruthless, and there are two types of people in the world — those who have been burned and those who have yet to be.""
— Brian Hirschfield
From: Bitcoin Custody Requires a Higher Understanding of Tradeoffs
https://bfi-deploy.vercel.app/#/section/3

2026-02-07 02:50:24 UTC

Bitcoin Parallel
The market doesn't know how to value Strategy (MSTR) because they don't know how to associate value with their bitcoin treasury. Same problem, new asset.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/14

2026-02-06 23:41:38 UTC

Key Insight from Bitcoin for Institutions:
3. Accounting standards shape behavior - FAS87's treatment of pensions caused irrational equity allocations, just as goodwill treatment discouraged bitcoin treasury adoption.
Chapter: Epilogue
https://bfi-deploy.vercel.app/#/section/14

2026-02-06 22:44:20 UTC

Clear Communication
Investors need to understand bitcoin's role in the fund and why temporary drawdowns don't indicate failure.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/10

2026-02-06 21:45:54 UTC

Key Insight from Bitcoin for Institutions:
2. Bitcoin requires multi-disciplinary knowledge —economics, computer science, history, mathematics, game theory, and cryptography.
Chapter: Bitcoin Requires More Patience and Time than Institutions Have
https://bfi-deploy.vercel.app/#/section/4

2026-02-06 20:51:05 UTC

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
https://bfi-deploy.vercel.app/#/section/12

2026-02-06 19:50:11 UTC

Operating Profitability
Operating revenue less operating expenses - what the company expects to experience on a "run-rate" or under typical conditions.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/11

2026-02-06 19:08:12 UTC

The Required Pivot
The contrast in purchasing power will require institutions to focus more on Future Value as opposed to Present Value. This pivot will be much more intuitive for individuals to adopt than institutions. Institutions will need to understand the time and risk preferences of individuals, and how bitcoin is already reshaping them.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/2

2026-02-06 18:00:27 UTC

Key Insight from Bitcoin for Institutions:
4. IBIT broke every ETF record - fastest to $10B, $20B, $30B, $40B, and $50B in assets under management.
Chapter: BlackRock (Redefining Portfolio Construction)
https://bfi-deploy.vercel.app/#/section/8

2026-02-06 17:04:27 UTC

HODL'ing requires a willful ability to be irrational or unreasonable. This ability is difficult to model into software, and even more difficult to execute through corporate or institutional governance, where reputations are built and destroyed at these crucial points. Human action is based on an individual's unique set of circumstances at a given moment— specifically, the largest source of dissatisfaction that can be removed at the lowest cost. This is the water/diamond paradox : a person would forgo all the diamonds in the world for their first glass of water. At an institutional level, the decision to remove the largest source of dissatisfaction stems from the human beings who have the pow...
From: HODL'ing Bitcoin is Irrational
https://bfi-deploy.vercel.app/#/section/1

2026-02-06 15:57:50 UTC

The 2022 Reality
"Risk-free" assets lost 30-50% of value. The foundation of portfolio construction was revealed to be an illusion.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/8

2026-02-06 15:00:13 UTC

Pensions are the king when it comes to OPM expertise. By OPM, I mean "Other People's Money." Everybody is an expert on how to manage other people's money, and nothing brings out people's greatest and wildest ideas like pensions. There is very little written about pensions that is truly original - but as an actuary with 30 years of experience who understands both pensions and bitcoin deeply, some insights can be offered.
From: Pensions
https://bfi-deploy.vercel.app/#/section/13

2026-02-06 13:35:43 UTC

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
https://bfi-deploy.vercel.app/#/section/10

2026-02-06 11:48:48 UTC

2026-02-06 11:01:22 UTC