Home Blog

Book Review: Principles of Bitcoin


Principles of Bitcoin: Technology, Economics, Politics, and Philosophy. 2025. Vijay Selvam. Columbia University Press.

Decentralized finance continues to evolve. The relative novelty of a digital asset and means of exchange — bitcoin is, after all, a mere sixteen years old — seems to be an unending source of fascination across all strata of society. The mystery and enamorment of the digital currency will likely increase given the heightened attention accorded it from the current American presidential administration, whose proclivity toward less regulation would warrant, demand even, a more nuanced understanding of its multifaceted nature. Bitcoin sits at the axis of technology, economics, politics, and philosophy. Governments, policymakers, economists, information technology professionals, and risk officers will all welcome the author’s rigorous analysis and lucid explication. CFA® charterholders and those aspiring to be will find the treatment of the subject matter a bit different from more conventional valuation processes accorded public and private markets. Then again, bitcoin is anything but conventional.

A skeptic by nature, a trait the author attributes to his métier of law, Vijay Selvam was educated in more traditional concepts of asset valuation to which bitcoin does not lend itself. Yet he brought a deep understanding of complexity to his work with real estate structured products and derivatives, whose performance was the proximate cause of the Great Recession. His involvement in 2008 with the creation of a bailout arrangement for a Wall Street bank in the midst of the debacle left him cynical. Bitcoin made its first appearance shortly thereafter as an alternative to the wreckage of centralized finance recently visited upon economies across the world.

The author’s self-awareness of a cognitive bias against bitcoin and toward conventional finance led him to the realization that a basic reference work on the subject was lacking. Principles of Bitcoin offers a multifaceted evaluation of bitcoin in an attempt to place its reputation and notoriety in a thoughtful context. To understand bitcoin is to understand the ascent of money through the interrelationships between economics, politics, technology, and philosophy. It is as much about unlearning traditional concepts of asset valuation as it is about modifying one’s approach to understanding this new thing.

Bitcoin’s inventor, Satoshi Nakamoto, anguished over how best to describe bitcoin. Cracking its recondite nature requires the use of first-principles thinking, a disassembly of the subject matter into its fundamental components, and a development and progression of one’s understanding of concepts. Indeed, this holistic approach is central to the book and helps shed light on bitcoin’s true purpose and mechanics.

The technical discussion spans five chapters and at times can appear complex, though the author endeavors to make it accessible through numerous references to philosophy, technology, and literature. One may view bitcoin as a scarce digital commodity in some ways akin to gold, whose path-dependent nature and inextricable link to the internet make it a robust asset. Bitcoin’s technology employs cryptography, distributed systems, and economic motivations to produce a digital asset that is robust to the risk of double-spending and transparent on a public ledger. Proof of Work (PoW) ensures a form of decentralized agreement. Bitcoin technology accords it distinct traits of scarcity, divisibility, portability, verifiability, durability, resistance to censorship, and unconfiscatability. Its first-mover status and recognizability, coming on the heels of the global financial crisis, afford it an advantage that would be tough to replicate, let alone beat.

Against the backdrop of monetary history, which has seen (hyper)inflation and currency debasement, and given that some governments weaponize money against their citizenry, bitcoin would appear to be a safe harbor. It is pseudonymous and knows no borders. It is able in many instances to escape confiscatory risk. It has the potential to serve the unbanked millions in far-flung corners of the world where conventional financial services don’t reach. Bitcoin’s decentralized architecture makes any attempt by governments to proscribe it difficult, if not impossible. Its transnational and apolitical features would also appear to address the issue that erstwhile French president Valéry Giscard d’Estaing termed the US dollar’s exorbitant privilege, or transactional hegemony, over other currencies. The author argues for bitcoin as a global reserve asset.

Activist Artists Management promotes Anna Kolander to Partner


Activist Artists Management has promoted Anna Kolander to Partner.

Kolander, who is based in Nashville, has spent 13 years at the company, having joined as an assistant in 2013.

She previously served as Senior Manager / Head of A&R at Activist, and is the day-to-day manager for The Lumineers.

In that role, she supports all aspects of the band’s global touring and recording activity, according to the company.

The promotion was announced on Thursday (May 21).

“Anna is a thoughtful and strategic leader,” said Activist founding partner Bernie Cahill.

“We’re proud to welcome her into the Activist partnership.”

Bernie Cahill

Added Cahill: “She brings a rare combination of creative instinct, operational rigor, and deep care for the people she works with.

“We’re proud to welcome her into the Activist partnership.”

Kolander said: “To step into this role after beginning my career alongside the leadership of Activist is incredibly meaningful.

“I’m grateful for the opportunity to have learned from such an incredible team and proud of all we’ve accomplished together.

“I look forward to continuing to support our artists and partners in impactful and innovative ways in the years ahead.”

“To step into this role after beginning my career alongside the leadership of Activist is incredibly meaningful.”

Anna Kolander

Kolander will continue to operate out of Activist‘s Nashville office while taking on an expanded leadership role across the broader business.

She was named Senior Director of A&R/Creative at Activist in 2020, having started at the company as an assistant in the Nashville office.

Activist’s clients include The Lumineers, Bobby Weir, Dwight Yoakam, the Grateful Dead, Dead & Company (co-managed with Azoff/Moir), Leif Vollebekk, The Pretty Reckless, Young the Giant, and Orville Peck, as well as actors Ken Watanabe and David Alan Grier, screenwriter Terry Rossio (co-managed with Lumify Entertainment), known for Pirates of the Caribbean, Godzilla vs. Kong, and Oscar-winning media company Lion Forge Entertainment.

Elsewhere at Activist, Caitlin Stone was promoted to Partner in 2021, and Kristina ‘Red’ Tanner was promoted to Partner in 2022.

The firm, which describes itself as “a full-service management firm founded on the belief that artists, actors, and brands can create positive change in the world,” has offices in Los AngelesNew YorkNashville, and Atlanta.Music Business Worldwide

The 1 AI Stock I’m Buying Every Single Time It Dips Below $10


Most promising artificial intelligence (AI) stocks are already priced at a premium. So while growth rates are high, so are the valuations.

There’s one AI stock, however, that remains a bargain. That’s because most investors don’t yet classify the company as an artificial intelligence business. That’s the case even though the company’s closest competitor is arguably one of the biggest AI stocks on the planet.

If this emerging AI stock falls below $10, I’m going all in for the long haul.

Image source: Rivian.

This Tesla competitor is my favorite AI stock in 2026

Most analysts have come to appreciate the AI potential of Tesla (TSLA +1.95%). Autonomous driving technologies increasingly rely on AI, leading to rapid advancements that could make self-driving cars a reality within the next few years.

Tesla has made direct AI investments, including its $2 billion investment in xAI, Elon Musk’s AI start-up. But it’s really the robotaxi market that is driving Tesla’s $1.3 trillion valuation. Major Tesla investor Cathie Wood, CEO of Ark Invest, believes robotaxis could be Tesla’s biggest growth opportunity in its history.

“We think US$8 [trillion] to US$10 trillion for the entire autonomous taxi opportunity throughout the world, from almost nothing,” Wood told investors last year. “That’s how quickly AI is going to cause these things to happen.” Five years from now, Wood thinks that robotaxis will account for 90% of Tesla’s valuation.

Rivian Automotive Stock Quote

Today’s Change

(0.49%) $0.07

Current Price

$14.22

But Tesla isn’t the only EV stock betting big on AI and autonomous driving. Rivian (RIVN +0.49%) is also going all in on AI and autonomy, so much so that it recently pushed out its profit timeline to invest more aggressively. And here’s the thing: Rivian’s market cap is just $17 billion — 98.7% smaller than Tesla’s market cap.

Rivian does have some structural disadvantages versus the likes of Tesla. The company’s smaller size limits its ability to fund large-scale research and development in AI and autonomy.

It’s also taking a different approach to robotaxis. While Tesla is both building its own vehicles and operating its own robotaxi service, Rivian seems content to be an industry supplier. In March, the company announced a deal with Uber Technologies to supply 50,000 Rivian vehicles to power that company’s robotaxi arm.

It will take years until the robotaxi market begins to mature. But investors are clearly bought into Tesla’s vision. Rivian has a similar vision, yet its stock garners a much smaller valuation both in terms of market cap and key valuation metrics like price-to-sales ratio.

Rivian stock doesn’t break below the $10 mark often. But if a market correction brings shares sharply lower, I’m prepared to load up on Rivian stock for the long haul.

Discover it Credit Card Review (No Credit History Required) (2026.5 Update: $200 Offer!)