About this episode
Bitcoin may be outgrowing the “digital gold” narrative. David sits down with Strive Chief Risk Officer Jeff Walton to unpack how Bitcoin-backed credit products like SATA and Strategy’s STRETCH could turn BTC into digital capital, why Jeff says the “Ponzi” framing misunderstands the balance sheet, how 13% yield and daily dividends could disrupt credit markets, and why this new financial layer may expand Bitcoin’s TAM far beyond gold.---📣OKX | THE NEW MONEY APPhttps://bankless.cc/OKXapp---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🟦 COINBASE ONE | MEMBER MONTHhttps://bankless.cc/coinbase-one🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix💰NEXO | Get your 30-day access to Wealth Club Premierhttps://bankless.cc/nexo---TIMESTAMPS0:00 Intro1:59 Stretch, Risk, and Balance Sheets5:28 Dividend Backstop Debate8:53 Measuring Bitcoin Downside15:25 Success as Long-Tail Risk19:17 Common Equity as Revenue25:57 Digital Credit’s Massive Market29:37 Credit, Liquidity, and Yield33:02 Banks, Trust, and Inflation36:08 Trust Networks Rebuilt40:26 Digital Labor and Yield44:38 Bitcoin’s Growing Capital Base48:36 S-Curve and Market Size52:36 Building on Bitcoin Instruments55:58 Transforming the Asset59:12 Co-opetition in Bitcoin Credit1:03:23 Low Vol for Long Holders1:09:13 Strive Versus Strategy1:12:38 Scaling Faster Than Strategy1:14:38 Jeff’s Bitcoin Origin Story1:17:30 Closing & Disclaimers---RESOURCESJeff Waltonhttps://x.com/PunterJeffTrue North Showhttps://www.youtube.com/@BTCTrueNorthJeff’s Coffeezilla Interviewhttps://youtu.be/pvZnpppwkoM?si=lXcF6r02yzmYE9jt---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures