The Bitcoin Frontier Bitcoin is pristine collateral—with Jon Melton
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Jun 25, 2025 Jon Melton, Head of Lending at Unchained and a Wall Street veteran, dives into the game-changing role of bitcoin in the credit market. He shares insights on why bitcoin is considered pristine collateral and discusses the benefits of borrowing against it while maintaining control. Jon outlines how recent regulatory changes are paving the way for institutional confidence in bitcoin, as well as the transformative potential of collaborative custody in lending practices. Plus, he highlights the importance of adapting to evolving interest rates in this space.
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Jon Melton's Bitcoin Journey
- Jon Melton's journey began at Morgan Stanley in FX trading before discovering Bitcoin in 2017 through influential talks and deep research.
- He transitioned from Wall Street to pioneering Bitcoin custodial and lending services, driven by entrepreneurship and family balance.
Why Bitcoin Is Pristine Collateral
- Bitcoin is uniquely pristine collateral due to its fungibility, divisibility, portability, and 24/7 market liquidity.
- Unlike cars or real estate, Bitcoin can be quickly liquidated in distressed scenarios, making it highly appealing for lenders.
Bitcoin Lending Flips Credit Script
- Bitcoin lending flips traditional credit by borrowing against existing money rather than future income.
- Collateralized loans focus on liquidating collateral rather than underwriting uncertain balance sheets, providing conservative credit security.