The Bitcoin Collective Bitcoin: A Once-in-Lifetime Invention | Vijay Selvam #204
Oct 16, 2025
Vijay Selvam, International General Counsel at Gemini and author of *Principles of Bitcoin*, dives into the journey of Bitcoin from a legal and market perspective. He shares insights from his career at firms like Goldman Sachs and discusses the 2008 financial crisis, which shifted his view from gold to Bitcoin. Vijay emphasizes Bitcoin's unique value, the significance of a multidisciplinary approach, and the role of institutional adoption through ETFs. He also highlights how Bitcoin treasury companies serve as educational gateways for investors.
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From Bailouts To Digital Gold
- Vijay recounted starting his legal career at Freshfields, then working on 2008 bailout packages at Davis Polk and Morgan Stanley's TARP.
- That experience pushed him toward gold and later into studying Bitcoin as "digital gold."
Crisis Revealed Money's Moral Hazard
- The 2008 crisis revealed systemic manipulation and moral hazard in finance, pushing Vijay to value scarce money.
- Gold solved scarcity but lacked portability, which opened the door to digital alternatives like Bitcoin.
Why Bitcoin Has Intrinsic Value
- Bitcoin's value stems from social consensus plus superior monetary properties, not traditional cash-flow metrics.
- Its value is path-dependent: network effects, game theory, incentives, and years of history make it unique.
