Bitcoin
We view Bitcoin as a tremendously important emerging financial technology. It is our opinion that employers need to start taking this network seriously and be positioned to participate in the coming evolution of commerce Bitcoin will create over the next 10 years.
This is for most employers a scary step into the unknown. There is a steep learning curve for even grasping the basics of bitcoin and significant employee education is required.
Why Bitcoin
Bitcoin is growing in users faster than the internet was at the turn of the century and is on pace to eclipse one billion users by 2025. Money is information, and bitcoin is a transparent open source technology that allows for money to do things that have previously not been possible.
With respect to employment, we have already seen professional athletes and politicians publicly announce full or partial salaries being paid in bitcoin and we view it only as a matter of time until most companies experience this request during a recruitment.
Incorporating a bitcoin offering into a broader benefits strategy is a great way to familiarize and proactively prepare your organization for broader adoption.
Bitcoin Only
Our position is that bitcoin is the only digital currency or asset that merits consideration from employers at this time. Bitcoin is the only fair launch digital currency. There were no insiders who benefited financially from bitcoins creation, and today there is no corporate structure behind bitcoin guiding policy decisions. For this reason bitcoin is a commodity both in the US and in Canada and that status is unlikely to change.
In Canada we have spot exchange traded funds which track the bitcoin price and allow Canadian investors to have exposure to bitcoin inside registered investment vehicles such as RRSPs and TFSAs.
Bitcoin has been the largest and most price stable cryptocurrency since its inception. It has both first mover advantage as well as a dominant head start on attaining network effect in the space. It has delivered over a 99.9% up-time since inception and has monetary policy which is fixed and outlined in the bitcoin paper whitepaper, written in 2009. The rate of issuance of remaining unmined bitcoin is transparent and reduces in four year intervals through to roughly the year 2140.
RESOURCES
Fidelity Bitcoin First Report
Bitcoin For Financial Advisors Book
The Nakamoto Portfolio Tool
Scotts podcast appearances
