Bitozi Crypto Research Compendium

Bitozi Crypto Research

Bitozi is a research compendium dedicated to cryptocurrencies, tokenized securities and decentralized finance. We compile research that is useful and offers insights from the perspective of investing and capital allocation.

You will find links and references to relevant and engaging cryptocurrency research by scrolling down.

If you have compelling research related to cryptocurrencies, tokenized securities or financial exchanges, you can submit it through the form below and we will post a link to it.

Crypto Research Compendium

If you have compelling research related to cryptocurrencies, tokenized securities or financial exchanges, you can submit it through the form below and we will post a link to it.

Introduction to Bitcoin

The original Whitepaper: "Bitcoin: A Peer to Peer Transaction System" by Satoshi Nakamoto. Published in 2008.Mastering Bitcoin. Book published by Andreas M. Antonopoulos in 2010. Why Dumb Networks Are Better. Published by Andreas M. Antonopoulos in June 2016. "The Blockchain (R)evolution – The Swiss Perspective". Whitepaper published by Deloitte in February 2017."Trusted Bitcoin Ecosystem White Paper: A non-technical summary of the proof-of-concept to enable regulatory compliant Bitcoin transactions". Published by PWC in June 2017.

The Bitcoin Investment Thesis

The title of this section should actually be plural. There are many different Bitcoin investment theses. Here we have compiled some of the most compelling ones we could find.

Horizon Kinetics has published numerous pieces on Bitcoin and cryptocurrencies in general. In December 2017, they published a musing called "Bitcoin and Legal Tender".Another thought-provoking piece by Horizon Kinetics: "Bitcoin Supply Curve Over Time". Published in June 2020. Recently Fidelity Investments published a comprehensive investment case of Bitcoin: "Bitcoin's Role as an Alternative Investment" by Ria Bhutoria, Director of Research. Published in October 2020.

Introduction to Cryptocurrencies

This short essay from the Federal Reserve of St. Luis is helpful: "A Short Introduction to the World of Cryptocurrencies" by Aleksander Berentsen and Fabian Schar. Published in January 2018.From the Bank of International Settlement: "The Economics of Cryptocurrencies - Bitcoin and Beyond by Jonathan Chiu and Thorsten V. Koeppl. Originally published in 2017 and updated in 2018.Regulation of Cryptocurrency Around the World. A global survey of 130 countries by the law department of the Library of Congress. Published in June 2018.

Cryptocurrencies as an Asset Class

Yet another one from Horizon Kinetics: "Cryptocurrencies: An Emerging Asset Class". Published in December 2015.

Cryptocurrency Mining

From the electrical engineering department of the University of Cagliari "Modeling and Simulation of the Economics of Mining in the Bitcoin Market" by Luisanna Cocco and Michele Marchesi. Published in May 2016. This is a transcripted interview with Murray Stahl: "The Economics of Cryptocurrency Mining". Published in April 2018.This is a great entry-level piece: Bitcoin Mining Competitive Economics 101 — The Oversimplified Version by Haas McCook. Published in January 2019.There is a relationship between Congestion and mining yields. The more traffic there is on the network, the more congested it becomes; as it becomes more congested, mining fees go up, and transaction times slow down.

Cryptocurrency Exchanges

One of the features often touted by Bitcoin proponents is the peer-to-peer nature of the cryptocurrencies. By definition, in a peer-to-peer transaction, there is no intermediary.

Nonetheless, somehow you need to find the counterparties to transact with if you want to buy or sell crypto. The most efficient pricing of any asset will be where there is liquidity is. The more liquidity in a market, the tighter the spread between the bid and ask will be. Hence, most transactions will be through exchanges and brokers dealers.

The cryptocurrencies that we know today, such as Binance, Kraken and Coinbase, aren't really financial exchanges in the strictest of sense. They are more akin to broker-dealers or Alternative Trading Systems (ATS).

There are already a handful of cryptocurrency exchanges that have gone bust so far (see below), pointing to a clear lack of custody solution within the sector.

Cryptocurrencies and Custody

One of the biggest deterrents to institutional adoption of cryptocurrencies within the financial system has been the role of custody. In the early days (and even relatively recently), there simply didn't exist any institutional-grade custody solutions.

For many financial institutions, such as mutual funds, holding crypto is simply not a possibility without placing the assets in custody by a third party. No investment manager wants to be responsible for losing a funds crypto wallet.

There are a number of high-quality custody solutions that have been launched, that specifically target the financial sector:

Publicly Listed Companies

There are a number of companies with significant exposure to cryptocurrencies that are publicly listed.

  • Galaxy Digital Holdings (TSE: GLXY)

  • Hut 8 Mining Corp (TSE: HUT)

  • Voyager Digital Ltd (CNSX: VYGR)

  • Riot Blockchain, Inc (NASDAQ: RIOT)

  • Bit Digital, Inc (NASDAQ: BTBT)

  • Advanced Bitcoin Technology (ABT:GR)

  • Hive Blockchain (CVE: HIVE)

  • BIGG Digital Assets Inc (CNSX: BIGG)

  • Argo Blockchain (LON: ARB)


  • Overstock (NASDAQ: OSTK)

  • MicroStrategy Incorporated (NASDAQ: MSTR)

Failed Blockchain Ventures

The road to hell is paved with good intentions. Just like in any other emerging industry, anything from failures to outright frauds and scams are bound to happen. Caveat emptor. Here's a list of notable crypto and blockchain projects that have gone wrong:

Thank you

Thank you for your interest in the Bitozi Crypto Research Compendium. If you have interesting crypto, blockchain or DeFi research to share, don't hesitate to share it with us.

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