Store of Bitcoin - Bitcoin as Store of Value Ep. 41 - Joel Lenz | When urgency hits, retail will return to Bitcoin.
Oct 28, 2025
In this conversation with Joel Lenz, Head of Communications at Relai, they explore Bitcoin's growing role as a store of value and its European regulatory journey. Joel discusses the challenges of obtaining MiCA compliance and how inflation and banking concerns may drive retail interest back to Bitcoin. He highlights the importance of education, tailored outreach strategies for businesses, and the demographics of Bitcoin users. The episode concludes with insights on self-custody solutions and the distinction of Bitcoin as a leading choice in the cryptocurrency landscape.
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Founders Built Relay To Buy Only Bitcoin
- Relay began in late 2019 because the founders wanted a Bitcoin-only app with savings plans and couldn't find one they liked.
- They built the app themselves, grew in Switzerland, and later pursued EU expansion and MICA compliance.
MICA Compliance Is Costly And Cumbersome
- Obtaining the MICA license required massive documentation, legal work, and costs that can be prohibitive for startups.
- Relay invested roughly one million euros and endured thousands of pages and many revision rounds to secure the license.
Regulation Shifts Demand From Retail To Businesses
- Regulation (KYC/AML) hasn't reduced overall Bitcoin demand but it shifts user composition and increases centralization.
- Relay saw continued growth driven more by businesses than retail after compliance tightened.
