The Peter McCormack Show The Path to a Bitcoin Standard with Dan Held - WBD308
Feb 7, 2021
In this engaging discussion, Dan Held, Director of Business Development at Kraken and a Bitcoin aficionado, delves into the journey toward a Bitcoin standard. He explains Bitcoin's evolution from a store of value to a potential medium of exchange. Dan also addresses the implications of decentralization across various societal layers and the critical need for tailored education to bridge adoption gaps. He reflects on the lessons from the failed gold standard and its relevance to today's financial systems, exploring how Bitcoin could redefine economic practices.
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Bitcoin's Adoption Lifecycle
- Bitcoin follows adoption stages: collectible, store-of-value, then medium-of-exchange and unit-of-account.
- Store-of-value adoption is necessary before mass medium-of-exchange use occurs.
Layer One Is Ossifying
- Bitcoin's base layer is moving toward ossification and very slow change to reduce attack vectors.
- A stable, slow-changing protocol suits a global settlement layer better than rapid upgrades.
Decentralization Is Multi-Dimensional
- Decentralization spans political, social and economic dimensions, not just miners or nodes.
- Bitcoin's leadership, node economics and growing miner geodiversity strengthen long-term resilience.
