Matt Huang I'm a partner at Paradigm, an investment firm focused on cryptocurrencies, which I co-founded with Fred Ehrsam in 2018. Outside of crypto, I'm a personal investor in technology startups, including ByteDance, Instacart, Amplitude, Benchling, and PlanGrid.

Significant value is stored in Bitcoin (at $150B+ market cap), yet Bitcoin software is maintained by a relatively small group of developers. Large corporations like Google or Boeing have legions of engineers working on search or autopilot software, but Bitcoin has neither the headcount nor the central coordination.

Originally published as a report for institutional investors: PDF Bitcoin has grown from idea (2008), to working system (2009), to its first real-world use at <$0.01 per coin (2010), to a global currency valued at $8K+ per coin and $150B+ in aggregate (May 2020).

By Matt Huang, on behalf of Paradigm (May 2020) Bitcoin has grown from idea (2008), to working system (2009), to its first real-world use at <$0.01 per coin (2010), to a global currency valued at $8K+ per coin and $150B+ in aggregate

After some quiet years, Bitcoin is top of mind again. We recently published a paper ("Bitcoin for the Open-Minded Skeptic") to help demystify Bitcoin for a new cohort of investors.Many investors and institutions ask us: what else should we read to get smarter on Bitcoin?

黄共宇 （Matt Huang），加密基金 Paradigm 联合创始人兼管理合伙人（2020 年 5 月） 比特币已经从理念（ 2008 年）进化至运行系统（2009 年）、到现实世界中第一次使用（一 枚比特币价格不到 1 美元，2010 年），逐步发展到一枚比特币价格超过 8000 美元、总市

After some quiet years, Bitcoin is top of mind again. We recently published a paper ("Bitcoin for the Open-Minded Skeptic") to help demystify Bitcoin for a new cohort of investors.Many investors and institutions ask us: what else should we read to get smarter on Bitcoin?