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You are here: Home / Thought Leadership / Emerging Risks / Bitcoin Risk

Bitcoin Risk

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by lots of people running computers all around the world, using software that solves mathematical problems. It’s the first example of a growing category of money known as cryptocurrency.

What can bitcoins be used to buy? Increasingly, a lot of things, from electronics and store gift cards to hotel rooms. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.

However one of bitcoin’s most interesting characteristic and something that makes it different than conventional money, is that it is decentralized. No single institution or country controls the bitcoin network. This puts some people at ease and makes others quite nervous.

In addition, Bitcoin transactions are anonymous. Once you have a bitcoin, no one can find where you got it from one who gave it to. This is also both comforting and nerve-racking at the same time.

One thing is for sure is that with over $8 billion in Bitcoins currently in circulation and more old world companies (and governments) recognizing them, bitcoins are growing in legitimacy and its value proposition makes it unlikely that their growth will stop anytime soon.

Ben Bernanke, Chairman of the Federal Reserve, USA, commented “[Virtual currencies] may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.”

Of course, all this has a risk, and risk means opportunity for the insurance industry. 

Recently I did a series on “What’s New in Insurance” for World Risk and Insurance News on bitcoins.

Bitcoin Insurance Agency

At Innovation Insurance Group, we “get” bitcoin, and we set up an agency to handle the insurance needs, from the routine to the unique, of companies in the bitcoin industry. At Bitcoin Insurance Agency, we know the questions to ask and, through our “C” level relationships built over 30 years, we find the right insurance carriers for the specialized needs of the bitcoin community.

Source (partial): www.coindesk.com

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Bitcoin Insurance

Combining his talents as a network security insurance expert and an insurance product development expert, Ty Sagalow is the leading expert on the unique risk and insurance needs of the bitcoin industry.

With the successful sale of BitSecure(tm), the first bitcoin theft insurance policy in February of 2015, he is the first to create a sustainable, robust insurance policy to cover the theft of bitcoins and other virtual currency backed by an A-Rated, global “top 10” Property and Casualty insurance company.

Bitcoin Price Index

Bitcoin Risk Publications and Interviews

Bitcoins- 2014 Review – Part 4

ICOS: RISKS AND INSURANCE

RIMS 2015- FOR003- Bitcoins: The Next Cyberinsurance?

Bitcoin acceptance is growing, as is the need for insurance cover

Bitgo CEO Talks About Bitcoin Financial Group’s New Bitcoin Theft Insurance Policy

Cyberinsurance Veteran Teams With BitGo on ‘Watershed’ Insurance Policy (CoinDesk)

“The Rise and Fall of Bitcoins”- 2014 Tribeca Film Festival

Mario Vitale, CEO of Aspen, on Innovation and Bitcoins

John Street Club Seminar Focuses on Emerging Risks

Bitcoins: US Gov’t Legitimizes Bitcoins

The Growing Legitimacy of Bitcoins

Mr. Sagalow Looks at Bitcoins

Bitcoin’s best insurance option may be a hybrid policy

Company Profile

Innovation Insurance Group is an insurance consulting firm and insurance brokerage founded by 30-year insurance executive, Ty R. Sagalow, former Chief Underwriting Officer, General Counsel and Chief Innovation Officer at AIG, and former Chief Innovation Officer at Zurich, NA and Tower Group. IIG focuses on three core practice groups: product development, expert witness services (primarily in the Management and Professional Liability areas), and bitcoin industry brokerage services.

Learn more about Ty R. Sagalow
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Learn more about Bitcoin Insurance Agency

Innovation Insurance Group, LLC BBB Business Review

Featured Topics

  • InsurTech
  • Innovation and Product Development
  • Directors & Officers Liability Insurance
  • Cyber Risk Insurance
  • Reputation Risk
  • Bitcoin Risk and Insurance
  • Emerging Risks
  • Interviews of Ty Sagalow
  • Gallery
  • Testimonials
  • Speaking Engagements

Featured Video Series

  • "What’s New in Insurance with Ty Sagalow"
  • "Innovations in Insurance hosted by
    Ty Sagalow"

Recent Speaking Events

  • CIIA Conference: Innovation, Culture and Technology
    May 13, 2021, Chili (Virtual)
  • Latin American Conference New Perspectives and Innovations for the Future of Insurance
    Nov 4, 2019, Mendoza, Argentina
  • Reactions North America Re/Insurance Conference
    Sept 26, 2019, New York
  • Global InsuTech Conference
    June 18, 2019, New York
  • InsideTech
    June 13, 2019, New York
  • Latin America Reactions Conference, InsurTech
    May 23 2019, Miami
  • AIMU/MICA Marine Insurance - A Global Perspective: The Future of Insurance
    June 21, 2018, New York
  • 12th Property Innovation Summit: InsureTech and the Lemonade Way of Claims
    May 2, 2018, St. Petersburg, FL
  • Italy Insurance Forum
    April 11, 2018, Milan, Italy
  • FST: The Future of Insurance
    March 6, 2018, Sydney, Australia
  • Artificial Intelligence Conference
    January 29 - 30 - Miami Beach
  • Kennedys leadership summit: What Law Firms Can Learn from InsurTech
    January 20, London
  • All Speaking Engagements
    • 2016 Insurance Consultants Award
      2016 Insurance Consultants Award
    • 2017 Insurance Consultants Award
      2017 Insurance Consultants Award
    • 2017 Insurance Expert Witness of the Year
      2017 Insurance Expert Witness of the Year
    • AI 2017 InsurTech Consultant of the Year Award
      2017 InsurTech Consultant of the Year Award - AI International
    • 2018 Best Advisor Award – M&A Today
      2018 Best Advisor of the Year - M&A Today
    • 2018 Best Consulting Firm – Lawyers International
      2018 Best Consulting Firm - Lawyers International
    • 2018 Best Advisor of the Year - Corporate USA Today
      2018 Best Advisor of the Year - Corporate USA Today
    • 2018 Insuretech Consultant of the Year - Business Excellence
      2018 Insuretech Consultant of the Year - Business Excellence
    • 2019 50th Fasting Growing Company
      2019 50th Fasting Growing Company

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