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Episode Description
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.
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TIMESTAMPS
0:00 Intro
1:59 Stretch, Risk, and Balance Sheets
5:28 Dividend Backstop Debate
8:53 Measuring Bitcoin Downside
15:25 Success as Long-Tail Risk
19:17 Common Equity as Revenue
25:57 Digital Credit’s Massive Market
29:37 Credit, Liquidity, and Yield
33:02 Banks, Trust, and Inflation
36:08 Trust Networks Rebuilt
40:26 Digital Labor and Yield
44:38 Bitcoin’s Growing Capital Base
48:36 S-Curve and Market Size
52:36 Building on Bitcoin Instruments
55:58 Transforming the Asset
59:12 Co-opetition in Bitcoin Credit
1:03:23 Low Vol for Long Holders
1:09:13 Strive Versus Strategy
1:12:38 Scaling Faster Than Strategy
1:14:38 Jeff’s Bitcoin Origin Story
1:17:30 Closing & Disclaimers
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RESOURCES
Jeff Walton
True North Show
https://www.youtube.com/@BTCTrueNorth
Jeff’s Coffeezilla Interview
https://youtu.be/pvZnpppwkoM?si=lXcF6r02yzmYE9jt
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Not financial or tax advice. See our investment disclosures here: