ETFs, In-Kind Creates and Sovereign Key Control

Pierre Rochard is one of the original bitcoin thinkers, builders, and educators — now serving as CEO of The Bitcoin Bond Company. Known for popularizing the term “speculative attack” in the bitcoin space, Pierre has long explored how bitcoin can replace legacy finance from the inside out.
In this episode, Pierre joins The Bitcoin Frontier to discuss how banks adopting bitcoin could strengthen global stability, how fractional reserve banking might evolve on a bitcoin standard, and why he believes governments buying bitcoin is inevitable. We dig into the rise of bitcoin treasury companies, the idea behind bitcoin bonds, and whether bitcoin’s decentralization can withstand institutional adoption.

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TIMESTAMPS:
0:00 – Intro & bitcoin’s ideological roots in libertarianism
3:00 – Why banks holding bitcoin could prevent future financial crises
7:20 – Can fractional reserve banking exist on a bitcoin standard?
10:50 – MicroStrategy and the rise of bitcoin treasury companies
12:40 – Why collapsing banks would be dangerous for society
16:00 – Financial intermediation, savings culture, and a soft landing to a bitcoin economy
18:00 – “Money for enemies”: Why state adoption isn’t betrayal
20:00 – Bitcoin in U.S. and state reserves: From Texas to Trump
23:00 – Can governments or corporations co-opt bitcoin?
25:00 – What bitcoin bonds are and how the Bitcoin Bond Company works
29:30 – Bringing bitcoin into institutional portfolios through structured credit
35:00 – Comparing bitcoin bonds to MicroStrategy’s convertibles
37:00 – Why treasury companies are undervalued and what investors are missing
40:00 – Hyperbitcoinization, speculative attacks, and soft landings
45:00 – How adoption is accelerating asymmetrically across nations
50:00 – The ETF era: Collaborative custody and the path from convenience to sovereignty
55:00 – Have we peaked in self-custody? UX, education, and generational change
58:00 – Is bitcoin’s freedom money inevitable — and what are the real threats ahead?
1:02:00 – Quantum computing, Satoshi’s coins, and the future of protocol resilience
1:03:00 – Where to find Pierre online and closing thoughts

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