BlackRock
Sizing Bitcoin in portfolios
A conditional discussion of position sizing. Its range assumes a belief in adoption and a capacity to bear loss; it is not a general allocation rule.
Read the sourceBetter questions.
Stronger understanding.
A short reading list to examine the evidence and its limits. Read the primary source, not just the headline.
Fidelity Digital Assets
Getting off zero: evaluating Bitcoin in 2026
An institutional research perspective to examine, not a legal requirement to hold Bitcoin. The assumptions and historical periods matter.
Read the sourceARK Invest
Bitcoin’s evolving institutional role
Argues that Bitcoin is moving from an optional new technology to a strategic allocation for a growing set of investors, citing US spot ETFs and public companies holding more than 12% of its supply by the end of 2025, its relationship to gold, and smaller drawdowns than in earlier cycles. ARK manages Bitcoin investment products, so read it as an advocate’s case.
Read the sourceFidelity Digital Assets
Bitcoin First Revisited
Argues that Bitcoin is best understood as a monetary good and should be assessed separately from other digital assets, which call for a different, venture-capital-like framework. Useful when a client asks which crypto to consider. Chris Kuiper and Jack Neureuter, September 2023.
Read the sourceResearch providers are not endorsers of this course. Summaries reviewed October 2026.
Longer reads.
From your presenter.
Michael Paige, who presents the course, writes about money: what it is, how today’s system works and where Bitcoin fits. These essays go further into the history covered in modules 1 to 4.
Money, explained · Part 1 · 8 min read
Money is a tool for storing your time and energy
Why people invented money, what it stores, and why Michael argues government-issued money does that job poorly. The opening of his series.
Read on SubstackMoney, explained · Part 2 · 13 min read
Fiat money is designed to lose value
How government-backed money works, how the world moved from gold to fiat, and how new money is created. Michael’s case for why purchasing power tends to fall over time.
Read on SubstackMoney, explained · Part 3 · 26 min read
Consequences of a broken money
Time preference and the Cantillon effect, then the consequences Michael attributes to centrally controlled money, from living costs and housing to government debt.
Read on SubstackMoney, explained · Part 4 · 29 min read
The search for sound money
The traits that make a good money, how gold and silver measure up and where Michael sees them fall short, ending with an introduction to Bitcoin and how it was created.
Read on SubstackShort read · 3 min
The 5 traits of money
Portability, divisibility, durability, fungibility and scarcity: the traits people have looked for in money, and how different monies compare on each.
Read on SubstackShort read · 4 min
For 92 years, the cost of living fell in Britain
What happened to prices and wages in Britain under the classical gold standard from 1821 to 1913, and why the gold standard ended.
Read on SubstackShort read · 3 min
Everyone uses money daily, yet almost no one understands it
Why how money works deserves a place in everyone’s education, from someone who was not taught it during a finance degree.
Read on SubstackMichael’s personal essays, first published on Substack. They argue a point of view. They are commentary on money and economics, not financial advice or a recommendation to buy any asset. The course itself sets out the evidence and the criticisms on each side.
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Bitcoin question.
Build the knowledge to explain the risks and evaluate the evidence your clients may encounter.