Bitcoin Treasury Companies, Digital Credit and Where Bitcoin Goes Next | Ben Harvey #226

Bitcoin is down around 50% from its all-time high and the sentiment is brutal. So is this the bottom? Ben, an analyst at Keyrock, thinks there are real signs it might already be in — and that what comes next is bigger than most people realise.

In one of the most detailed conversations the podcast has hosted, Ben joins Jordan to explain why the current drawdown may mark a bottom, why volatility is steadily compressing, and why Bitcoin treasury companies and digital credit could unlock his whole thesis, an entire financial system built on top of Bitcoin as a reserve asset.

Topics covered:

- Why the largest pools of capital in the world can't hold Bitcoin directly — yet

- The signs Ben is watching that suggest this could be a bottom for Bitcoin

- Why volatility acts as a capital charge, and why it's in a long-term compression trend

- How the shift from traders to long-term holders changed this cycle

- Why Bitcoin treasury companies could unlock the entire Bitcoin thesis

- What digital credit is and why it could be the most exciting part of the Bitcoin thesis

- Why Strategy selling a small amount of Bitcoin was widely misunderstood

- Why European treasury companies look cheap — and why that discount is a mirage

- Why money backed by Bitcoin may make more sense than Bitcoin itself as money

TIMESTAMPS:

00:00 Intro — Bitcoin is only stomachable for volatility

01:00 Welcome and Ben's background at QCP

02:00 QCP's shift from market maker to asset manager

04:00 Ben's unusual route into Bitcoin via smart contracts

08:00 Reasons this could be a cycle bottom

13:00 75% of holders are now long-term

21:00 Volatility as a capital charge that compresses with price

25:00 What sparked the digital asset treasury report

27:00 The endgame: a financial system built on Bitcoin

30:00 Bringing European Bitcoin treasuries into focus

32:00 Two paths to Bitcoin becoming money

48:00 Herd mentality in crypto

49:00 Why prefs haven't come to Europe yet

56:00 Smarter Web's £210m share premium unlock

1:01:00 How big could the first issuance be?

1:07:00 Final prediction: what will it be called?

🇬🇧 Join the UK Bitcoin Business Network here: https://www.joinbbn.com/

CONTACT JORDAN:

X: https://x.com/JayW132

LinkedIn: https://www.linkedin.com/in/jordan-walker-293955106/

Email: [email protected]

CONTACT BEN: 

X: https://x.com/0xbenharvey

💼 LinkedIn: https://www.linkedin.com/in/ben-harvey-842495172/

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All content provided by The Bitcoin Collective and guests in this episode is for informational and educational purposes only and is not financial, trading, or investment advice.

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EDITED BY JAMES PEARCE

LinkedIn: https://www.linkedin.com/in/james-pearcesf/

Available now on YouTube and all major podcast platforms. This episode is for educational purposes only and does not constitute financial advice. Always do your own research.