Stablecoins reduce frictions and offer optionality outside banks

My guest today is Max Kei, former private banker and founder of Debifi, the world’s largest non-custodial Bitcoin-backed lending platform for institutions. With over a decade in private banking and deep experience building peer-to-peer Bitcoin infrastructure at Hodl Hodl and launching the Baltic Honeybadger conference, Max has become a leading voice on how Bitcoin will reshape global finance. In this episode, he explains why banks will adapt to Bitcoin rather than be destroyed by it, how Switzerland is quietly becoming the prototype for Bitcoin-banking integration, and why non-custodial finance is essential to prevent the next FTX-style collapse. We explore the tradeoffs between custodial and non-custodial systems, the security advantages of three-of-four multisig for institutional loans, and why stablecoins act as both a lifeline in emerging markets and a gateway to a full Bitcoin standard. 

► If you got value, please like, comment, share, follow and support my work. Thank you!

-- SPONSORS --

→ Get your TREZOR wallet & accessories, with a 5% discount, using my code at checkout (get my discount code from the episode - yep, you’ll have to watch it): https://affil.trezor.io/SHUn 

→ Shield your bitcoin with time-delayed transactions over multisig with BitVault: https://bit.ly/bitvault_efrat 

→ Have you tried mining bitcoin? Stack sats directly to your wallet while saving on taxes with Abundant Mines: https://abundantmines.com/efrat/

– AFFILIATES –

→ Get 10% off on Augmented NAC, with the code YCXKQDK2 via this link: https://store.augmentednac.com/?via=efrat (Note, this is not medical advice and you should consult your MD)

→ Watch “New Totalitarian Order” conference with Prof. Mattias Desmet & Efrat - code EFRAT for 10% off: https://efenigson.gumroad.com/l/desmet_efrat

→ Get a second citizenship and a plan B to relocate to another country with Expat Money, leave your details for a follow up: https://expatmoney.com/efrat

→ Join me in any of these upcoming events: https://www.efrat.blog/p/upcoming-events 

-- LINKS –

Max’s Twitter: https://x.com/keidunm 

Efrat's Twitter: https://twitter.com/efenigson

Efrat's Channels: https://linktr.ee/efenigson

Watch/listen on all platforms: https://linktr.ee/yourethevoice

Support Efrat's work: ⁠https://www.buymeacoffee.com/efenigson   ⁠

Support Efrat with Bitcoin: https://geyser.fund/project/efenigson

-- CHAPTERS –

00:00 - Coming Up

01:20 - Introduction to Max Kai: Bitcoin Pioneer

04:50 - Baltic Honey Badger Conference Origins

10:27 - Ad Break: Trezor & BitVault

11:50 - Bitcoin’s Community Ethos, Mission & Conferences

19:00 - Max’ Intro to Bitcoin Through A Client 

20:50 - Gradually Moving From Fiat To Bitcoin

30:40 - When Will Banking Join Bitcoin?

32:53 - Switzerland's Role in Bitcoin Banking

38:03 - Rehypothication, Non-Custodial, Multisig Solutions

42:01 - Flexible Lending Platforms & Security Measures

56:13 - Max’s Take On Stablecoins: A Bridge to Bitcoin

1:08:18 - Max Motivations, Aspiration & Hope