Author: Christian Dick

Christian Dick has more than 16 years of experience in asset management. In various positions as a portfolio manager, trader and investment management platform engineer at banks, start-ups and a hedge fund, he has acquired extensive knowledge of the development, structuring and management of innovative investment solutions. As part of an Executive MBA "Master of Business Engineering" at the University of St. Gallen, he wrote his master's thesis on the tokenisation of assets and the development of digital asset ecosystems. At Brick Towers, he provides institutional clients with direct access to digital assets and enables them to use their institutional platform for staking, restaking and Bitcoin yield strategies.

Understanding Bitcoin as a productive asset: Part 2 

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A Bitcoin-based financial system will necessarily be built in layers. This is because today’s financial system is also multi-layered and recognizes an inherent hierarchy of money-like assets. To properly assess the potential of Bitcoin as a productive asset, it is essential to understand the trade-offs that come with it. In the first part of this two-part blog post, Bitcoin was introduced as a novel monetary asset and the necessity for productive yield generation was discussed so that Bitcoin can take the next step in its evolutionary phase. In the second part, three perspectives on Bitcoin yield products will be evaluated concerning their trustworthiness and the associated risks and trade-offs. Based on these insights, the gold standard of a Bitcoin yield product will be defined and what can be concluded from this for banks and their customers will be explained.

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What is Bitcoin’s next evolutionary step after the introduction of the Bitcoin ETF – and what do banks need to bear in mind?

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Since the launch of Bitcoin spot ETFs in the US in January 2024, Bitcoin has become accessible as an asset to a broad institutional investor base. This marked a significant milestone on its journey as a monetary asset. The next major step in Bitcoin’s development as an investable asset is to unlock yield generation opportunities (similar to dividends on stocks or coupons on bonds). The first part of this two-part blog post introduces Bitcoin as a new type of monetary asset and the need for productive use of Bitcoin and analyses how initial approaches in this area led to the 2022 crypto credit crisis.

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