Soft Rehypothecation and Bitcoin Management

Preston sits down with Jon Melton to explore his shift from Morgan Stanley to Bitcoin, insights on Silvergate Bank’s crypto strategy, and the future of Bitcoin-backed finance.

They delve into lending models, the impact of regulation, and how Jon sees banks engaging with digital assets going forward.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

04:31 - How Jon transitioned from Morgan Stanley to the Bitcoin world.

06:32 - The impact of Wences Casares on Jon’s Bitcoin conviction.

08:43 - What made Zappo a pioneer in Bitcoin custody.

09:42 - Silvergate Bank’s unique approach to cryptocurrency banking.

14:50 - Reasons behind Silvergate’s decision to wind down operations.

20:09 - The importance of over-collateralization in Bitcoin lending.

23:10 - Why Unchained avoids rehypothecation in its lending model.

27:25 - How Bitcoin loans might integrate with real estate in the future.

33:38 - The Federal Reserve vs. Treasury Department on stablecoin policy.

37:49 - Why Jon remains bullish on Bitcoin and its role in future finance.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Website: Unchained Capital.

• Related Article: Revisiting Unchained’s Core Lending Principles by Jon Melton.

• Related article: Core Lending Principles.

• Related article: The Plot to Destroy Silvergate by Nic Carter.

• Related Video: Banking, Crypto, and an Upcoming Regulatory Overhaul with Caitlin Long and John Maxfield.

• Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠.

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