Avertissement : les CFD sont des instruments complexes et comportent un risque élevé de perte rapide d'argent en raison de l'effet de levier.
Vous devez vous demander si vous comprenez le fonctionnement des CFD et si vous pouvez vous permettre de prendre le risque élevé de perdre votre argent.
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Bitcoin (BTC)
The first cryptocurrency, introduced in an October 2008 whitepaper by an anonymous author or group writing as Satoshi Nakamoto. The genesis block was mined on 3 January 2009, embedding a Times of London headline about UK bank bailouts as a thematic statement.
Bitcoin’s design solved the long-standing problem of digital double-spending without requiring a trusted central party, using a proof-of-work consensus mechanism that secures the network through computational expense. Supply is capped at 21 million coins, with new issuance halving roughly every four years. Whether Bitcoin is digital gold, a payments network, a speculative asset, or a generational scam is a question that depends on whom you ask and what year you ask them. The price has gone from worthless to over $100,000 with multiple 70%+ drawdowns in between.
Example: The 2024 spot Bitcoin ETF approval marked a watershed institutional moment. Within months, BlackRock’s IBIT fund became one of the fastest-growing ETFs ever launched, signalling that Bitcoin had crossed from fringe to mainstream financial infrastructure, regardless of what anyone thought about its long-term thesis.
Bitcoin Cash
A hard fork of Bitcoin that split off in August 2017, primarily over disagreements about block size. The Bitcoin Cash faction wanted larger blocks (initially 8MB, later 32MB) to allow more transactions per block and keep BTC functional as everyday payments infrastructure. The Bitcoin Core faction prioritised keeping the original network’s smaller blocks and developing layer-2 solutions like the Lightning Network for scaling.
Both chains continued. Bitcoin Cash proceeded with its larger blocks but never gained the mindshare or developer activity of the original Bitcoin chain, and over time its market capitalisation dwindled to a small fraction of BTC’s. The fork is mostly remembered now as the moment Bitcoin’s scaling debate forced a permanent split rather than a compromise.
Example: Anyone holding BTC at the time of the August 2017 fork received an equal amount of BCH automatically. Many holders sold the new BCH immediately for BTC, keeping the price ratio low and reinforcing BCH’s secondary status from day one.
Bitcoin ETF
An exchange-traded fund that tracks the price of Bitcoin, allowing investors to gain BTC exposure through a regular brokerage account without dealing with crypto wallets, exchanges, or self-custody. The first US spot Bitcoin ETFs were approved by the SEC on 10 January 2024 after years of regulatory delays; earlier futures-based ETFs had been approved in 2021, but spot ETFs hold actual Bitcoin rather than derivative contracts.
The approval triggered massive inflows. BlackRock’s IBIT, Fidelity’s FBTC, and a handful of others competed aggressively on fees, and within months the cohort had collectively absorbed tens of billions of dollars, reshaping Bitcoin’s investor base toward institutions and retirement accounts.
Example: A US investor who wanted Bitcoin exposure pre-2024 had to navigate Coinbase or similar platforms, manage private keys, worry about exchange solvency, and handle the tax reporting themselves. Post-ETF, the same exposure is available with one click in any brokerage account, with familiar tax forms and no custody questions.
Bitcoin Maximalist
Someone who believes Bitcoin is the only cryptocurrency worth holding, and that all other crypto assets; Ethereum, Solana, every altcoin and memecoin; are scams, distractions, or destined for zero. Maximalists tend to be philosophically committed to Bitcoin’s specific properties: fixed supply, proof-of-work, decentralisation, censorship resistance.
They view alternative chains as either copying Bitcoin badly (without its security and decentralisation) or pursuing fundamentally different and inferior tradeoffs. The position is a coherent intellectual framework, even if you disagree with it. It’s also, at its harder edges, a cultural identity within crypto Twitter, with all the tribalism and antagonism that implies. Maximalists routinely refer to non-Bitcoin tokens as “shitcoins” and treat any defence of altcoins as either ignorance or grift.
Example: Saylor-era MicroStrategy is the corporate face of Bitcoin maximalism. The company has spent billions accumulating BTC on its balance sheet while explicitly avoiding any other digital asset. The thesis is total: Bitcoin or nothing.
Black box
A trading or investing system whose internal logic is hidden, sometimes from outsiders, sometimes from everyone except a small group of insiders. The metaphor is the literal one: you can see what goes in and what comes out, but the box itself is sealed.
Black boxes show up most often in three places. Quantitative hedge funds, where the strategy is the IP and revealing it destroys the edge. High-frequency trading firms, for similar reasons. And increasingly, machine-learning-based systems where even the developers can’t fully articulate why the model produces the outputs it does.
Black-box risk is real. When the model breaks (and they all break eventually), operators may struggle to diagnose what’s wrong, because the diagnostic tools require the same model interpretability that the strategy was designed to lack. Long-Term Capital Management is the historic cautionary tale. Modern AI-driven funds will produce their own.
Example: Renaissance Technologies’ Medallion Fund is the most famous black box in finance. Its returns since the late 1980s are, by any plausible benchmark, the best in the industry. The actual signals driving those returns are known only to a small group of researchers in Long Island, and remain probably the best-protected secret in trading.
BlackRock Geopolitical Risk Indicator (BGRI)
An index produced by BlackRock that quantifies how much attention financial markets are paying to geopolitical risk at any given time. The methodology scans broker research, news articles, and financial commentary for mentions of specific risks; escalation in particular regions, trade tensions, conflict, sanctions; and converts the textual signal into a numerical reading.
The BGRI is most useful as a relative measure rather than an absolute one. It tells you whether the market is more or less worried about geopolitics today than three months ago, not whether geopolitical risk is “objectively” high. BlackRock publishes both an aggregate index and breakdowns by specific risk theme, which is often the more interesting cut.
Example: The BGRI spiked sharply in February 2022 around Russia’s invasion of Ukraine, then again in October 2023 with the Hamas attack on Israel and the Gaza war. The aggregate index tracked the rolling intensity of analyst attention, even as specific risk components rotated as different conflicts moved into and out of focus.
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