Onramp Media Speculative Attack: Pierre Rochard on Bitcoin's Endgame
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Apr 26, 2025 
Pierre Rochard, a Bitcoin advocate and co-founder of the Satoshi Nakamoto Institute, dives into Bitcoin's future in finance. He discusses the evolution of Bitcoin's speculative attack thesis and its potential to rival traditional currencies. Rochard introduces the idea of Bitcoin-backed bonds and emphasizes the significance of corporate strategies on institutional demand. The conversation also highlights the critical role of education in demystifying Bitcoin for mainstream finance and the importance of understanding its regulatory landscape.
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Bitcoin's Speculative Attack Thesis
- Bitcoin represents a strong currency that could trigger speculative attacks on weaker fiat currencies like the dollar.
- The evolution of these dynamics includes liquidity constraints, capital controls, and institutions accumulating Bitcoin as a reserve.
Personal vs Institutional Speculative Attacks
- Individuals can speculate by leveraging Bitcoin but face higher risks and costs than institutions.
- Use responsible strategies like spending less than you earn to build Bitcoin exposure steadily.
Bond Premium and MNAV Explained
- Financial engineering in bond securitization creates a premium over net asset value by expanding investor access.
- This value persists until Bitcoin and dollar reach an equilibrium or if the dollar collapses, MNAV remains.