Bitcoin stands as a transformational tool for saving and capital allocation in a digital world. Rajat Soni explains how legacy finance models break down when applied to bitcoin and why the characteristics of money matter more than traditional valuation models. Viewers will gain a clear framework for thinking in decades and for understanding how Wall Street will eventually reprice the economy in bitcoin terms.
Timestamps:
00:00 - Introduction and goals for the episode
01:06 - Rajat Soni’s background in fixed income management
03:04 - Discovering bitcoin through reading The bitcoin standard
05:18 - Leaving traditional finance and finding purpose in bitcoin
07:15 - Origins of the CFA Institute investigations
10:01 - How loan collateral works in bitcoin
12:19 - Why bitcoin functions as money
16:30 - Misconceptions about intrinsic value
18:09 - Characteristics of effective money
22:00 - Global demand for bitcoin as a medium of exchange
25:38 - Real estate as a savings vehicle
31:01 - Incentives shaping economies with bitcoin
34:19 - Bitcoin’s long-term outlook
36:34 - Integration of bitcoin and digital credit markets
40:06 - Future implications for investors
47:51 - Demand shocks and supply tightness
56:07 - Digital credit instruments and bitcoin
57:12 - Closing remarks and where to follow Rajat’s work
