In this episode, we sit down with Pierre Rochard, VP of Research at Riot Platforms, and Bitstein, co-founder of the Nakamoto Institute, to discuss hyperbitcoinization and more. Pierre and Michael open by reflecting on its price history, historical cycles, and long-term outlook. They explore bitcoin’s progression onto the global stage, considering how central banks view it and where we are in the context of hyperbitcoinization. They address the critical balance between self-custody and bitcoin banks, including insights into the evolving role of custody solutions and associated risks. Discussing perspectives like those of Michael Saylor and Saifedean Ammous, they weigh in on bitcoin’s function as both an asset, a money, and the concept of bitcoin “yield.” The conversation covers MicroStrategy’s strategic approach to bitcoin and their perspective on the various models like S2F, power law, and Bitcoin24.

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TIMESTAMPS:

0:00 - Intro

1:17 - Reflections on bitcoin cycles

3:21 - Long-term outlook

5:12 - Bitcoin on global stage

7:05 - Central banks’ view on bitcoin

14:03 - Defining hyperbitcoinization

17:05 - Self-custody vs. bitcoin banks

25:16 - Future of bitcoin custody

30:10 - Risks in custodial options

35:38 - Saylor vs. Saifedean on bitcoin banking

42:27 - Bitcoin yield vs. fiat yield

50:02 - MicroStrategy’s strategy

55:10 - Modeling bitcoin’s value

1:02:31 - Fiat vs. bitcoin volatility

1:04:15 - Challenging views in bitcoin community

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→ Bitstein’s Twitter: https://x.com/bitstein

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