🎙️ Today’s episode is a recording of the great panel I moderated at Baltic Honeybadger 2025 last month.
Willy Woo, Max Kei & Preston Pysh break down ETFs, treasury strategies, custody risks, CBDCs, and why self-custody still matters most.
My takeaways from this panel:
Institutional Adoption as a Tipping Point
The entry of major financial entities like BlackRock through ETFs is seen as a significant shift, making institutional adoption appear inevitable and reshaping how Bitcoin is perceived in traditional finance.Capital Flows and Policy Impact
Bitcoin’s evolution is deeply influenced by capital flows, global monetary shifts, and policy changes in the U.S. and abroad, which create both challenges and opportunities for integration.Risks of Centralization
Concerns remain around centralization of custody, with institutions like Coinbase holding large amounts of Bitcoin. This mirrors risks from traditional finance and could weaken Bitcoin’s resilience.Self-Custody as Essential
Education, awareness, and strong emphasis on self-custody are highlighted as critical to ensuring Bitcoin remains “unruggable” and protected from institutional capture or nationalization.Free Market Dynamics
Bitcoin reflects free market forces—where both successful and failed strategies coexist—showcasing resilience and adaptability in a competitive environment.Long-Term Growth Potential
Despite risks, there is strong optimism for Bitcoin’s long-term value appreciation and mainstream integration, supported by projections of wider adoption over time.Competition with CBDCs
The future of Bitcoin will likely involve direct competition with central bank digital currencies, which may shape narratives around sovereignty, control, and adoption.Role of Stablecoins
Stablecoins act as both a complement and a challenge to Bitcoin, extending traditional finance into digital markets while influencing liquidity and adoption pathways.Integration with Emerging Tech
The intersection of Bitcoin and AI is seen as an area of new opportunities, opening innovative use cases and applications.Risks for Treasury Companies
Bitcoin treasury companies face unique risks—including regulatory, custodial, and governance challenges—that require careful navigation.
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