> For the complete documentation index, see [llms.txt](https://docs.verbatim.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.verbatim.io/historical-background/bitcoin.md). # bitcoin the largest crypto asset in existence today is bitcoin, with a total market cap of roughly $1.3 trillion. since bitcoin is a proof-of-work blockchain secured by work rather than capital, most of the circulating supply making up this market cap sits idle and in isolation on the bitcoin blockchain. as a result, hodlers only benefiting from price appreciation, missing out on the benefits of cash flow, or yield. given the recent approval of bitcoin etfs, institutions and traditional capital allocators now have more options to invest in bitcoin. institutions, however, typically have yield requirements, which historically have not been widely available to btc hodlers, or have been dismissed as too risky. while there are some yield generating activities currently available to bitcoiners, they typically require utilizing bridges (most problematic attack vector in crypto), or centralized custodians such as wrapped bitcoin (wbtc) to access defi opportunities on pos chains. in summary, bitcoin is digital capital that can be put to use. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.verbatim.io/historical-background/bitcoin.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.