gold and black round coin

Fractional Reserve Bitcoin?

The past year has certainly seen more financial institutions adopt Bitcoin as a reserve asset, either for themselves or for their clients. Several news outlets have reported that BNY Mellon will hold, transfer, and issue Bitcoin on behalf of its clients. The use of the word issue raises the question as to whether they will…Read More

gold-colored Bitcoin

Beta > Leverage

It is maybe a sign of the times that Microstrategy is doing the same thing that retail investors do, leveraging up debt to speculate on an investment: We should learn the lessons of history that while beta might increase your gains as well as losses, leverage can loose you more than all your capital, as…Read More