BOOK THREE · FOR FINANCIAL ADVISERS
A financial adviser's guide to evaluating, sizing and defending a Bitcoin allocation decision.
A considered resource for serious capital
This book is written for principals, investment officers and advisers who need a clear way to work through Bitcoin without being pushed toward either advocacy or avoidance. No Position Is a Position treats the decision as part of a larger investment and governance system, where the most useful output is an explainable process.
The material is intentionally practical. It identifies what needs to be decided, who needs to be involved, which assumptions should be written down and which questions belong with tax or legal counsel. It does not use price targets, performance promises or a required conclusion. A family may decide to allocate, to wait or not to allocate; the quality of the decision depends on the quality of the work around it.
No Position Is a Position makes a simple point with practical consequences: choosing not to hold Bitcoin is itself an allocation decision. Clients ask advisers what they are doing about the asset, and silence can be interpreted as a conclusion. The book gives advisers a way to make that conclusion deliberate, documented and appropriate to the client relationship.
The first chapters help an adviser separate the client’s curiosity from a recommendation. What is the client actually asking? Is the question about monetary change, portfolio construction, custody, taxes, or professional responsibility? By isolating the question, an adviser can decide what work belongs in research, what belongs in a policy, and what requires outside counsel.
The central section covers the variables that shape a considered allocation: liquidity needs, time horizon, concentration, existing risk, rebalancing, access and reporting. It avoids a universal percentage because the useful answer depends on the portfolio and mandate. The adviser’s job is to show the reasoning, the boundaries and the circumstances that would prompt a review.
A defensible position is not a prediction. It is a documented decision with a clear role, stated risks, custody expectations and a process for communicating changes. The closing chapters provide a plain-English structure for committee notes and client conversations, including how to explain a decision to make no allocation when that is the appropriate conclusion.
Eric Runge wrote this guide for registered investment advisers and other fiduciaries who want institutional analysis without advocacy. It is educational material, not personalized advice, and should be read alongside the adviser’s own compliance, tax and legal obligations.
Read it before a committee meeting, not after the decision has already been made. Use the headings as prompts for an investment memo, a family meeting or a conversation with an adviser. Then separate the portfolio questions from the implementation questions: ownership, custody, reporting, taxes, legal structure and succession may require different specialists.
The aim is a durable record of reasoning. A well-formed record lets a family revisit the allocation when circumstances change without treating every review as a fresh debate. It also gives the next generation a way to understand what the original decision was meant to accomplish and which limits were intentionally put around it.
Veritas Bitcoin Strategies LLC is an investment adviser registered with the State of Oregon Division of Financial Regulation, CRD 306768. Registration does not imply a certain level of skill or training and does not constitute an endorsement by any regulatory authority. Advisory services are offered only to residents of states in which Veritas Bitcoin Strategies LLC is registered or is excluded or exempted from registration. Form ADV Part 2A and Form CRS are available at adviserinfo.sec.gov and on request. The content on this website, including books, white papers, articles and any materials delivered by request, is educational and general in nature. It is not investment, legal or tax advice, is not personalized to any individual’s circumstances and is not an offer or solicitation to buy or sell any security or digital asset. No advisory relationship is created by using this site or requesting a resource. All investing involves risk, including possible loss of principal. Bitcoin and other digital assets are speculative and volatile, may lose value rapidly, and are not deposits or obligations of, or guaranteed by, any bank; they are not insured by the FDIC, NCUA or SIPC. Past performance is not indicative of future results, and no outcome, return or protection of capital is guaranteed.
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