Location: Squadcast Date: Wednesday 23rd September Company: Ark Investment Management Role: Thematic Analyst Before the advent Bitcoin, financial systems operated based on trust. Central banks, government-issued fiat money and payment processors all rely on trusted third parties. Relying on trust-based systems leaves the user vulnerable to decisions that do not necessarily benefit them, from inflation of the money to supply to the censoring of transactions. Bitcoin changes this. With Bitcoin, there is a fixed supply and rigid monetary policy, and the rules of the system can't be changed at the whim of a small group of people. Add to this the ability to truly custody your wealth; it is clear to see why Bitcoin is so revolutionary. Not everyone has been quick to pick up on Bitcoin. Many institutional investors are still sceptical for many reasons, from the old defunct arguments that Bitcoin is for criminals and terrorists to concerns around price volatility. However, there are signs that institutions are beginning to shift their thinking, highlighted by MicroStrategy's recent decision to move $425 million of their treasury into Bitcoin. In this interview, I talk to Yassine Elmandjra, a Thematic Analyst at Ark Investment, who recently published two whitepapers on Bitcoin. We discuss trust-based v trust minimised systems, property rights and institutional investment in Bitcoin.