Pension funds: 2% $BTC allocation is asymmetric bet structure. Downside contained—portfolio recovers if $BTC fails. Upside: if trajectory continues toward $200T market cap, returns are disproportionate.
Key discipline: no rebalancing. Don't need conviction on terminal value. Just hold allocation through volatility. Classic barbell strategy—small position, massive convexity.
Risk management via position sizing, not market timing. Fits institutional mandate: capped loss, uncapped gain potential.
Key discipline: no rebalancing. Don't need conviction on terminal value. Just hold allocation through volatility. Classic barbell strategy—small position, massive convexity.
Risk management via position sizing, not market timing. Fits institutional mandate: capped loss, uncapped gain potential.