The Bitcoin Treasuries Podcast with Tim Kotzman Pierre Rochard on Bitcoin Bonds
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May 6, 2025 
Pierre Rochard, CEO of the Bitcoin Bond Company, discusses his innovative venture aimed at linking Bitcoin to traditional finance. He delves into Bitcoin's potential role in global fixed income markets, predicting a future where nation-states may issue Bitcoin bonds. Rochard compares Bitcoin bonds to existing models like El Salvador's volcano bonds, addressing regulatory challenges and exploring innovative strategies for custody and risk management. He envisions significant success for his company in the coming years, emphasizing the need for education and clear regulations in the sector.
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Pierre Rochard's Career Journey
- Pierre Rochard started his career in traditional finance with Deloitte and later worked at Bitcoin payment processor BitPay.
- He combined finance expertise with early Bitcoin insight, eventually founding the Bitcoin Bond Company to innovate in Bitcoin securitization.
Creating Cash Flow for Bitcoin Bonds
- Bitcoin has no natural cash flow, so Bitcoin bonds create cash flow through selling or refinancing Bitcoin.
- This differs from traditional asset-backed securities, which rely on cash-flowing assets like mortgages.
Targeting Institutional Bitcoin Investors
- Bitcoin bonds target sophisticated institutional investors familiar with asset-backed securities.
- The bonds segment risk into tranches appealing to various risk appetites, from conservative to highly leveraged Bitcoin bulls.