Bitcoin and other digital assets have evolved rapidly over the past decade. In 2013, the total cryptocurrency market was worth just $1.5 billion—about the size of a single company in the Russell 2000 Index. By May 2025, that number had grown to $3.3 trillion, with governments and institutions around the world exploring their potential as reserve assets.
Before evaluating the investment case, it’s important to understand the underlying technology. Blockchain—the engine behind all cryptocurrencies—has transformed how digital assets are stored, transferred, and managed.
We highlight Bitcoin because it remains the centerpiece of the digital asset ecosystem. As the first cryptocurrency to achieve global adoption, it’s still the most recognized and valuable, accounting for nearly 60 percent of the market.
This white paper is structured around two core topics:
- How blockchain technology works and where it’s headed
- What investors need to consider when evaluating cryptocurrencies, especially Bitcoin
Along the way, we tackle some of the most frequently asked questions about Bitcoin and crypto investing:
- What is Bitcoin, and how does it work?
- How does blockchain secure transactions?
- What is Bitcoin mining?
- Why does Bitcoin have value?
- What are the risks of investing in cryptocurrency?
- Should Bitcoin be part of a diversified portfolio?
- Who are the typical users and investors in Bitcoin?
Download our white paper An Introduction to Bitcoin to learn more. Whether you're just getting started or refining your view on digital assets, this paper offers a grounded perspective to help guide your thinking.