The Top 10 Bitcoin Articles and Videos
Michael Saylor & Ross Stevens, Bitcoin for Corporations by MicroStrategy, February 4, 2021
Bitcoin as an investment grade, safe-haven treasury reserve asset. Bitcoin is the solution to the store of value problem faced by all corporations & their customers. In this session, Michael Saylor and Ross Stevens discuss:
- Bitcoin as the emerging dominant monetary network
- The pros & cons of other assets as a treasury reserve
- The macroeconomic outlook for the coming four years
- The history of Bitcoin & structure of the crypto industry
- Critical developments this year and outlook for next year
Eric Peter, One River Asset Management, January 3, 2021
Human imagination is the most powerful force in the universe. It is the greatest single thing separating us from other creatures. There is no higher power. Our ability to conceive of a tomorrow that is better than today is a precondition for discovery, invention. And these two things quite naturally stack, compound. Their summation has lifted us from the Stone Age to the space station. The journey has only just begun. This should be obvious to everyone but the most hopeless pessimist.
Ross Stevens, Stone Ridge, December 2020
Our country is blessed with limitless natural resources, giant oceans protecting us on the left and right, and friendly neighbors to the north and south. We’ve got a military that any other country would trade for theirs, a political class constrained by an ingenious system of checks and balances, and a built-in, self-correcting mechanism of free elections. Almost 250 years later, it’s easy to forget how uniquely successful the American experiment has been.
Ria Bhutoria, Fidelity Digital Assets, July 2020
At Fidelity Digital Assets, we have conversations with investors at distinct stages in their digital asset journey – investors who are proactively working on their investment thesis, seeking validation of their thesis or have yet to embark on the process. In response to the range of investors in different stages, we are compiling a series of reports to examine the perspectives that are driving interest and investment in bitcoin today and those that may evolve and gain traction in the future. In doing so, we hope to help investors establish a comprehensive evidence-based thesis and understanding, especially as bitcoin becomes increasingly integrated with traditional markets and portfolios
Matt Huang, Paradigm Ventures, May 2020
Bitcoin has grown from idea (2008), to working system (2009), to its first real-world use at <$0.01 per coin (2010), to a global currency valued at $8K+ per coin and $150B+ in aggregate (May 2020). Although Bitcoin is empirically one of the best investments of the past decade, it still remains controversial. Is it a new form of money? A speculative bubble? Or a bit of both? Investors have well-established frameworks for evaluating assets like equities, credit, and real estate. But a new monetary asset such as Bitcoin appears so infrequently that no clear framework exists. This paper outlines a simple and intuitive framework for Bitcoin as a new monetary asset.
Wences Casares, March 1, 2019
Bitcoin is a fascinating experiment but it is still just that: an experiment. As such it still has a chance of failing and becoming worthless. In my (subjective) opinion the chances of Bitcoin failing are at least 20%. But after 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, it has a good chance of succeeding. In my (subjective) opinion those chances of succeeding are at least 50%. If Bitcoin does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years. That is 250 times what it is worth today (at the time of writing the price of Bitcoin is ~ $4,000).
Vijay Boyapati, March 2, 2018
Never in the history of the world had it been possible to transfer value between distant peoples without relying on a trusted intermediary, such as a bank or government. In 2008 Satoshi Nakamoto, whose identity is still unknown, published a 9 page solution to a long-standing problem of computer science known as the Byzantine General’s Problem. Nakamoto’s solution and the system he built from it — Bitcoin — allowed, for the first time ever, value to be quickly transferred, at great distance, in a completely trustless way. The ramifications of the creation of Bitcoin are so profound for both economics and computer science that Nakamoto should rightly be the first person to qualify for both a Nobel prize in Economics and the Turing award.
John Pfeffer, December 29, 2017
Amidst the indiscriminate speculation, sensationalist and mostly misguided media coverage and roller-coaster price volatility, this paper sets out to consider cryptoassets from the perspective of a rational, long-term investor. As investors, we look for things that generate sustainable, ideally growing economic rent — an economic surplus that will accrete to us. This paper evaluates the extent to which cryptoassets offer the foregoing. It aims to assess the potential future value of cryptoassets at mature equilibrium, on the assumption that they develop successfully and achieve widescale adoption. By design, it does not dwell on the significant risks that a given cryptoasset could fail, for technical, regulatory, political, or other reasons. These risks are very real, and are well documented elsewhere. Temporarily setting them aside allows for an objective analysis of the potential value of different kinds of cryptoassets and their use cases.
Bill Miller, September 8, 2015
Stylized views of value investing often invoke low accounting multiples, but we try to take a broader definition of “value” in our pursuit of assets trading at substantial discounts to their intrinsic value. Our approach is a probabilistic one, meaning that we try to think about various potential states of the future that could affect an asset’s value. We then determine what an asset could be worth under a handful of representative scenarios, multiply each scenario’s value by the probability we think it could occur, and sum up the values to get a “central tendency of value.” Our thought process on Bitcoin is a representative example of our probabilistic value approach, even though the asset may not hit the radar screens of more traditional value investors. So, we will first briefly introduce Bitcoin and then talk about a framework for valuation.
Marc Andresseen, January 21, 2014
A mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers. Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it. On the other hand, technologists – nerds – are transfixed by it. They see within it enormous potential and spend their nights and weekends tinkering with it.