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

Public Key

npub1ym5j3ve3p6hc809t2n3lcxxnjcslssl9hmunsmxq9tzpk2vxudgq2ure5w

Profile Code

nprofile1qqszd6fgkvcsaturhj44fclurrfevg0cg0jma7fcdnqz43qm9xrwx5qpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0dsx4pu4y

Publishing to

relay.damus.io

nos.lol

Author Public Key

npub1ym5j3ve3p6hc809t2n3lcxxnjcslssl9hmunsmxq9tzpk2vxudgq2ure5w

Show more details

Last Notes

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

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

2026-02-06 11:01:22 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

2026-02-06 10:01:22 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

2026-02-06 09:02:19 UTC

Circular Economies
Bitcoin holders who build relationships and trading networks create more powerful capital than passive accumulators.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/0

2026-02-06 07:58:34 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

2026-02-06 07:13:35 UTC

The Crime Argument
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 ledger.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/6

2026-02-06 06:08:14 UTC

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

2026-02-06 04:58:21 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

2026-02-06 03:10:27 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

2026-02-05 23:39:56 UTC

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.
From: HODL'ing Bitcoin is Irrational
https://bfi-deploy.vercel.app/#/section/1

2026-02-05 22:49:24 UTC

📝 That ability is no small thing. There are a number of tradeoffs to consider, and the reality is that it takes a long time of mulling through one's personal discomfort before the security of your bitcoin allows you to sleep soundly at night.
From: Bitcoin Custody Requires a Higher Understanding of Tradeoffs
https://bfi-deploy.vercel.app/#/section/3

2026-02-05 21:46:15 UTC

Key Insight from Bitcoin for Institutions:
1. FASB ASU 2023-08 enables mark-to-market accounting for bitcoin, removing a major barrier to corporate adoption.
Chapter: Treasury / Balance Sheet - Having Optionality
https://bfi-deploy.vercel.app/#/section/11

2026-02-05 20:51:26 UTC

2026-02-05 19:50:35 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

2026-02-05 19:07:39 UTC

ℹ️ While gaining ETF exposure is a rational position for those not ready for self-custody, it does not make for a landscape to provide robust solutions to the public using bitcoin. The ETF is capable of capturing the volatility of bitcoin's price exposure but at an enormous level of counterparty risk.
From: Bitcoin Custody Requires a Higher Understanding of Tradeoffs
https://bfi-deploy.vercel.app/#/section/3

2026-02-05 18:03:57 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

2026-02-05 17:08:46 UTC

The Question
If there's no risk-free asset, where does bitcoin belong in an investment portfolio? This is what BlackRock had to grapple with.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/8

2026-02-05 15:57:59 UTC

⚠️ It is unacceptable to view a bitcoin payoff today as worth anything less than its current USD equivalent on an apples-to-apples basis with a fiat-denominated bond. These estimates assume no further currency debasements, which is a highly unreasonable assumption.
From: Bitcoin Requires a Deflationary Mindset
https://bfi-deploy.vercel.app/#/section/2

2026-02-05 15:03:57 UTC

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

2026-02-05 13:39:32 UTC

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

2026-02-05 11:50:41 UTC

Monitoring
Ongoing monitoring of custody providers, ETF performance tracking, and regular plan reviews are required.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/9

2026-02-05 11:03:29 UTC

Current Mining Issuance
3.125 BTC per block (~10 min)
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/2

2026-02-05 10:02:26 UTC

Corporate Debt
Companies raise money through bonds or equity stakes. Cash flow determines creditworthiness; without it, equity stakes or restrictive covenants are required.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/12

2026-02-05 09:03:23 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

2026-02-05 07:17:11 UTC

Imagine: BlackRock's IBIT ETF has acquired 2 million bitcoin on behalf of its users. Bitcoin reaches gold's market capitalization of $20 trillion — that's about $1M per bitcoin. BlackRock's ETF would represent 10% of that value, or $2 trillion . That's $2 trillion of value on balance sheets of companies all over the world. Now imagine we discover that BlackRock cannot sell back that bitcoin because its custodian cannot perform the signatures required to move the keys. BlackRock loses $2 trillion, and all of their customers have to write down 100% of that value on their balance sheets. Poof. The world that understands BlackRock knows very little about their custodian, Coinbase. The problems w...
From: Bitcoin Custody Requires a Higher Understanding of Tradeoffs
https://bfi-deploy.vercel.app/#/section/3

2026-02-05 06:11:22 UTC

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

2026-02-05 05:00:00 UTC

2026-02-05 03:11:24 UTC

Job Security
In practice, keeping their job is often a more powerful incentive than maximizing shareholder value.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/1

2026-02-04 23:43:39 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

2026-02-04 22:47:03 UTC

Key Insight from Bitcoin for Institutions:
1. NQDC plans have no contribution limits and broad investment discretion, making them ideal for bitcoin exposure.
Chapter: Deferred Compensation - Riding the Wave
https://bfi-deploy.vercel.app/#/section/9

2026-02-04 21:47:56 UTC

Medium-Term Problem
Pensions are not a long-term issue nor impending doom. Most will survive at least eight more years - two full bitcoin halving cycles.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/13

2026-02-04 20:52:38 UTC

Board Approval
A company wishing to carry out a five-year project will likely first get permission from their board.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/4

2026-02-04 19:52:18 UTC

Monetary Sovereignty
Not beholden to government or Fed monetary policy
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/5

2026-02-04 19:08:44 UTC

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
https://bfi-deploy.vercel.app/#/section/1

2026-02-04 18:03:39 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

2026-02-04 17:07:40 UTC

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

2026-02-04 16:01:04 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

2026-02-04 15:00:47 UTC

2026-02-04 13:36:15 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

2026-02-04 11:48:00 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

2026-02-04 11:01:28 UTC

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
https://bfi-deploy.vercel.app/#/section/5

2026-02-04 10:02:51 UTC

Low Interest Rates
Convertible bonds often have near-zero coupon rates because investors want exposure to potential equity upside.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/7

2026-02-04 09:01:14 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

2026-02-04 07:56:41 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

2026-02-04 07:11:20 UTC

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

2026-02-04 06:04:13 UTC

Fiduciary Duty
Executives are legally bound to deliver profits to shareholders and enhance share value.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/1

2026-02-04 04:51:39 UTC

Risk Disclosure
Clear disclosure of bitcoin's volatility, custody risks, and the unsecured nature of NQDC benefits is essential.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/9

2026-02-04 03:09:12 UTC

2026-02-03 23:43:15 UTC

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

2026-02-03 22:50:51 UTC

Value in Crisis
When legal structures break down in society, these assets don't require institutions to retain their value.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/5

2026-02-03 21:50:38 UTC

⚠️ 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
https://bfi-deploy.vercel.app/#/section/1

2026-02-03 20:55:38 UTC

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

2026-02-03 19:54:13 UTC

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
https://bfi-deploy.vercel.app/#/section/9

2026-02-03 19:14:03 UTC

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

2026-02-03 18:08:02 UTC

2026-02-03 17:12:24 UTC

2026-02-03 16:06:14 UTC

⚠️ The Asymmetric Risk: Bitcoin drawdowns are temporary (historically always recovering to new highs), but missing bitcoin's appreciation is permanent. Fiduciaries face greater long-term risk from exclusion than inclusion.
From: Mutual Funds / ETFs - Wielding the Blade
https://bfi-deploy.vercel.app/#/section/10

2026-02-03 15:03:16 UTC

Hidden Debasement
US dollars are being devalued in purchasing power by inflationary forces. Even at "2-3% CPI," $1,000 in ten years has a purchasing power of only ~$800.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/2

2026-02-03 13:35:56 UTC

2026-02-03 11:50:18 UTC

ℹ️ About this course: This interactive course follows the structure of Bitcoin for Institutions , covering why Bitcoin favors individuals, how key individuals drive institutional adoption, and specific strategies for institutional Bitcoin exposure.
From: Introduction
https://bfi-deploy.vercel.app/#/section/0

2026-02-03 11:01:41 UTC

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
https://bfi-deploy.vercel.app/#/section/1

2026-02-03 10:00:17 UTC

2026-02-03 08:58:06 UTC

2026-02-03 07:55:38 UTC

2026-02-03 07:11:19 UTC

2026-02-03 06:06:43 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

2026-02-03 04:58:48 UTC

Key Insight from Bitcoin for Institutions:
5. There is no free lunch - deploying bitcoin means sacrificing its long-term potential and superior monetary properties.
Chapter: Treasury / Balance Sheet - Having Optionality
https://bfi-deploy.vercel.app/#/section/11

2026-02-03 03:12:59 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

2026-02-02 23:44:39 UTC

2026-02-02 17:58:51 UTC

2026-02-02 17:01:38 UTC

Key Insight from Bitcoin for Institutions:
1. Traditional collateral has failed - the 2008, 2022, and 2023 crises showed that housing, gilts, and treasuries can rapidly become unreliable.
Chapter: Structured Credit
https://bfi-deploy.vercel.app/#/section/12

2026-02-02 15:52:24 UTC

It might seem odd to begin a book about institutional bitcoin with a section titled "Bitcoin is for Individuals," but this foundation is critical to any organization that aspires to use bitcoin successfully. Many have tried, and few have succeeded.
From: HODL'ing Bitcoin is Irrational
https://bfi-deploy.vercel.app/#/section/1

2026-02-02 15:01:33 UTC

Government Debt
Governments raise money by selling securities called bonds, backed by the promise of future tax revenue and the ability to print currency.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/12

2026-02-02 13:35:54 UTC

2026-02-02 11:51:27 UTC

Key Insight from Bitcoin for Institutions:
2. There is no bailout in bitcoin —mistakes that make bitcoin unspendable are permanent and irreversible.
Chapter: Bitcoin Custody Requires a Higher Understanding of Tradeoffs
https://bfi-deploy.vercel.app/#/section/3

2026-02-02 11:08:08 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

2026-02-02 10:07:36 UTC

2026-02-02 09:04:15 UTC

Education
Provide comprehensive education on bitcoin's properties, risks, and historical performance to participants.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/9

2026-02-02 07:17:57 UTC

Key Insight from Bitcoin for Institutions:
4. Cash is a melting ice cube - the new paradigm views bitcoin as superior to cash for corporate treasuries.
Chapter: Strategy (Balance Sheet Strength)
https://bfi-deploy.vercel.app/#/section/7

2026-02-02 05:42:43 UTC

Key Insight from Bitcoin for Institutions:
4. Direct treasury eliminates counterparty risk - the superior long-term solution removes all ETF/custodian dependencies.
Chapter: Deferred Compensation - Riding the Wave
https://bfi-deploy.vercel.app/#/section/9

2026-02-02 03:20:13 UTC

2026-02-01 23:40:25 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

2026-02-01 22:44:15 UTC

2026-02-01 21:37:32 UTC

2026-02-01 20:43:36 UTC

Corporate Finance Innovation
Strategy has turned corporate finance into a bitcoin accumulation vehicle that other companies are beginning to copy.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/7

2026-02-01 19:36:22 UTC

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

2026-02-01 18:54:22 UTC

Security Costs
Depending on how much you have, you might need a military to secure it. The value must justify the costs of defending it.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/5

2026-02-01 17:42:36 UTC

Holding bitcoin in self-custody is not like holding fiat for a simple reason: The likelihood of a mistake that makes the bitcoin unspendable is much higher, and there is no bailout possible .
From: Bitcoin Custody Requires a Higher Understanding of Tradeoffs
https://bfi-deploy.vercel.app/#/section/3

2026-02-01 16:48:25 UTC

People have varying levels of willingness to honor debts, often tied to consequences
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/12

2026-02-01 15:40:57 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

2026-02-01 14:45:34 UTC

2026-02-01 13:54:28 UTC

2026-02-01 13:13:09 UTC

2026-02-01 11:35:25 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

2026-02-01 10:46:52 UTC

That leaves us with bitcoin, a very special bearer asset. It has all the benefits of frictionless proof of ownership and validation that reserve notes had over gold, and much much more .
From: Bitcoin is a Bearer Asset
https://bfi-deploy.vercel.app/#/section/5

2026-02-01 09:45:52 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

2026-02-01 08:49:41 UTC

Golden Handcuffs
Deferred amounts typically vest over time, creating retention incentives for key employees.
From: Bitcoin for Institutions
https://bfi-deploy.vercel.app/#/section/9