Bitcoin for Family Offices: A Decision Beyond Allocation
In a Family Office Club podcast interview, Richard C. Wilson speaks with Eric about Bitcoin and family office frameworks.
Richard C. Wilson introduces Eric as an active Family Office Club member focused on Bitcoin and institutional approaches for family offices. Eric shares his perspective from his work at Veritas Bitcoin Strategies. They discuss how families think about Bitcoin and the decisions involved in considering it.
In this video: Richard C. Wilson (Family Office Club host), Eric (Bitcoin-focused RAA at Veritas Bitcoin Strategies)
What they said
- Eric on no position as a decision. Eric says Fidelity has described having no position as a position, and that pension funds will need a written justification for not holding Bitcoin. He says this does not mean everyone should own it.
- Eric on Bitcoin's category. Eric says people often group Bitcoin with equities, emerging technology or cryptocurrency. He argues that these familiar labels can misstate what Bitcoin is designed to do.
- Direct holdings and ETFs. Eric calls on-chain Bitcoin the purest way to participate in an alternative system. In his view, ETFs can support broader adoption, but ETF holders own a dollar-denominated asset rather than Bitcoin itself.
- Eric on Square's Bitcoin payment option. Eric points to Square merchants being able to accept Bitcoin as payment. He says this can bypass bank fees, which can cut into margins at businesses with thin margins.
- Eric on structuring a Bitcoin decision. Eric says families should first write a thesis and consider their investment policy, risk tolerance and position size. He also names the ownership vehicle, purchase method and trust documents as decisions to work through.
In their words
"I think Bitcoin does allow for that for the poorest among us."
"Bitcoin is the type of asset that forces you to stand on your own two feet."
Why it matters if you are building or preserving great wealth
Eric recalled an Oregon gas tax of about 18 cents a gallon and compared its effect on people earning $20,000 and $120,000 a year. That example is why he describes Bitcoin as an impact investment, connecting his view of the asset to the unequal effect of the monetary system.
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Anu Aga: Focus on one main cause. Her family found its giving more satisfying and impactful once it chose primary education for the underprivileged in India.
- Binod K. Chaudhary: Never chase a deal out of desperation. Stay cool and look at every part of the deal. Have your advisers and your finance team review it critically. Your counsel should review it too.
- Larry Connor: Learn from every mistake. Larry's team owns its failures and makes no excuses. They learn, change quickly, and keep getting better.
See the data
Frequently asked questions
What books has Eric written?
He names Bitcoin and the Family Office and The Cost of Consensus. Eric says free PDF versions are available at familyofficebitcoin.com.
What custody risk does Eric point out?
He says Bitcoin stored badly can be lost and that it has no FDIC insurance.
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.