Understanding Crypto Fundamentals: Value Investing in Cryptoassets and Management of Underlying Risks

Saying that many investors were not convinced by cryptocurrencies in their first decade of existence would be an understatement.

Originally, author Thomas Jeegers was one of them. He looked into this new virtual money more than once and, each time, decided not to invest. Like many long-term investors, he was looking for fundamentals. Crypto had none -- or so he thought. This book details why his perspective on cryptoassets has shifted - and why yours should, too.

Recent developments in this field have turned crypto from a speculative financial innovation to a new asset class, one with a new kind of fundamentals that offer real economic value. One that will change finance and investments. One that may be a trigger defining the fourth industrial revolution, the same way steam, electricity, and the Internet were triggers for the first, second, and third industrial revolutions, respectively.

Despite what advocates of the traditional financial establishment like to claim, cryptoassets were by far the best financial investment of the last decade, even risk-adjusted, and could still be so for the coming one. They should not be overlooked, regardless of one's opinion of them.

This book answers the main questions any potential long-term investor in cryptoassets should ask:

• What are cryptoassets and blockchain technology?
• Why consider cryptoasset investments?
• When is a good time to invest?
• Where should one invest?
• How should one invest?
• Which valuation methods are appropriate?

Understanding Crypto Fundamentals includes a deep dive into the management of risks specific to cryptoassets, both financial and non-financial, and provides the tools needed for investment success in this new asset class. Upon completing the book, you will have a new perspective on cryptoassets and how you can benefit from them as an investor.

Thomas Jeegers is a CFA Charterholder and Financial Risk Manager (FRM), and has earned an MBA from INSEAD as well as multiple blockchain certifications from institutions including INSEAD and Oxford University. He has worked in finance for 10 years and is a frequent speaker at events on blockchain and cryptoassets.

說許多投資者在加密貨幣的前十年並不相信它們，這是一個低估的說法。

最初，作者Thomas Jeegers也是其中之一。他曾多次研究這種新型虛擬貨幣，但每次都決定不投資。像許多長期投資者一樣，他在尋找基本面。加密貨幣沒有基本面，或者他是這麼認為的。這本書詳細介紹了為什麼他對加密資產的觀點發生了轉變，以及為什麼你的觀點也應該發生轉變。

這個領域的最新發展將加密貨幣從一種投機性的金融創新轉變為一種新的資產類別，具有一種新型的基本面，提供真正的經濟價值。這將改變金融和投資，可能成為定義第四次工業革命的觸發器，就像蒸汽、電力和互聯網分別是第一、第二和第三次工業革命的觸發器一樣。

儘管傳統金融機構的支持者喜歡聲稱，無論對它們有何看法，加密資產在過去十年中無論是風險調整還是非風險調整，都是最好的金融投資，並且在未來的十年中仍然可能如此。無論個人對它們有何看法，都不應忽視它們。

這本書回答了任何潛在長期投資者在加密資產中應該提出的主要問題：

- 什麼是加密資產和區塊鏈技術？
- 為什麼考慮加密資產投資？
- 什麼時候是一個好的投資時機？
- 應該在哪裡投資？
- 如何投資？
- 哪些估值方法是適用的？

《了解加密基本面》深入探討了特定於加密資產的金融和非金融風險管理，並提供了在這個新的資產類別中取得投資成功所需的工具。閱讀完這本書後，您將對加密資產有一個新的觀點，並了解作為投資者如何從中受益。

Thomas Jeegers是CFA持有人和金融風險經理（FRM），並擁有INSEAD的MBA學位，以及包括INSEAD和牛津大學在內的多個區塊鏈認證。他在金融界工作了10年，並經常在區塊鏈和加密資產的活動中擔任演講嘉賓。

Thomas Jeegers has worked in finance for 10 years, specializing in financial risk management and blockchain technology. He is a frequent speaker at events on blockchain and cryptoassets. Thomas studied economics and computer science, and has master's degrees from the Catholic University of Louvain and Maastricht University, as well as an MBA from INSEAD. Upon graduation, he was granted multiple awards, including one for the best master's thesis on finance in Belgium. Thomas completed the advanced financial certifications, Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM), as well as multiple blockchain certifications from institutions, including INSEAD and Oxford University. After changing his country of residence 12 times since Bitcoin's birth in 2009, Thomas is now settled in Vienna, Austria. As a finisher of the full-Ironman European Championship in 2017, he shares his passion for triathlon with his wife Stefanie and their son Liam.

Thomas Jeegers在金融領域工作了10年，專注於金融風險管理和區塊鏈技術。他經常在區塊鏈和加密資產的活動中擔任演講嘉賓。Thomas學習了經濟學和計算機科學，並擁有魯汶天主教大學和馬斯垂克大學的碩士學位，以及INSEAD的MBA學位。畢業後，他獲得了多個獎項，其中包括比利時金融領域最佳碩士論文獎。Thomas完成了特許金融分析師（CFA）和金融風險管理師（FRM）的高級金融認證，並獲得了多個區塊鏈認證，包括INSEAD和牛津大學的認證。自2009年比特幣誕生以來，Thomas已經12次改變了居住國家，現在定居在奧地利維也納。作為2017年全鐵人歐洲錦標賽的完賽者，他與妻子Stefanie和兒子Liam分享著對鐵人三項運動的熱情。