Bitcoin Treasury Companies, Digital Credit and Where Bitcoin Goes Next | Ben Harvey #226

<p>Bitcoin is down around 50% from its all-time high and the sentiment is brutal. So is this the bottom? Ben, an analyst at Keyrock, thinks there are real signs it might already be in — and that what comes next is bigger than most people realise.</p><p><br></p><p>In one of the most detailed conversations the podcast has hosted, Ben joins Jordan to explain why the current drawdown may mark a bottom, why volatility is steadily compressing, and why Bitcoin treasury companies and digital credit could unlock his whole thesis, an entire financial system built on top of Bitcoin as a reserve asset.</p><p><br></p><p><strong>Topics covered:</strong></p><p>- Why the largest pools of capital in the world can&#39;t hold Bitcoin directly — yet</p><p>- The signs Ben is watching that suggest this could be a bottom for Bitcoin</p><p>- Why volatility acts as a capital charge, and why it&#39;s in a long-term compression trend</p><p>- How the shift from traders to long-term holders changed this cycle</p><p>- Why Bitcoin treasury companies could unlock the entire Bitcoin thesis</p><p>- What digital credit is and why it could be the most exciting part of the Bitcoin thesis</p><p>- Why Strategy selling a small amount of Bitcoin was widely misunderstood</p><p>- Why European treasury companies look cheap — and why that discount is a mirage</p><p>- Why money backed by Bitcoin may make more sense than Bitcoin itself as money</p><p><br></p><p><strong>TIMESTAMPS:</strong></p><p>00:00 Intro — Bitcoin is only stomachable for volatility</p><p>01:00 Welcome and Ben&#39;s background at QCP</p><p>02:00 QCP&#39;s shift from market maker to asset manager</p><p>04:00 Ben&#39;s unusual route into Bitcoin via smart contracts</p><p>08:00 Reasons this could be a cycle bottom</p><p>13:00 75% of holders are now long-term</p><p>21:00 Volatility as a capital charge that compresses with price</p><p>25:00 What sparked the digital asset treasury report</p><p>27:00 The endgame: a financial system built on Bitcoin</p><p>30:00 Bringing European Bitcoin treasuries into focus</p><p>32:00 Two paths to Bitcoin becoming money</p><p>48:00 Herd mentality in crypto</p><p>49:00 Why prefs haven&#39;t come to Europe yet</p><p>56:00 Smarter Web&#39;s £210m share premium unlock</p><p>1:01:00 How big could the first issuance be?</p><p>1:07:00 Final prediction: what will it be called?</p><p><br></p><p>🇬🇧 Join the UK Bitcoin Business Network here: https://www.joinbbn.com/</p><p><br></p><p><strong>CONTACT JORDAN:</strong></p><p>X: https://x.com/JayW132</p><p>LinkedIn: https://www.linkedin.com/in/jordan-walker-293955106/</p><p>Email: hello@bitcoincollective.co</p><p><br></p><p><strong>CONTACT BEN:</strong> </p><p>X: https://x.com/0xbenharvey</p><p>💼 LinkedIn: https://www.linkedin.com/in/ben-harvey-842495172/</p><p><br></p><p>📬<strong>READ OUR NEWSLETTER:</strong> https://newsletter.bitcoincollective.co/</p><p><br></p><p><strong>LISTEN / SUBSCRIBE:</strong></p><p>Spotify: https://open.spotify.com/show/06sBiOznJDxuhafDmkE9VK?si=3f0a8bb8abd64eec</p><p>Apple: https://podcasts.apple.com/gb/podcast/the-bitcoin-collective/id1561573613</p><p>Fountain: https://fountain.fm/show/AYHiNhTTv0HOgGEjRjWN</p><p>YouTube: https://www.youtube.com/@bitcoincollective?sub_confirmation=1</p><p><br></p><p>All content provided by The Bitcoin Collective and guests in this episode is for informational and educational purposes only and is not financial, trading, or investment advice.</p><p><br></p><p>⸻</p><p>EDITED BY JAMES PEARCE</p><p>LinkedIn: https://www.linkedin.com/in/james-pearcesf/</p><p><br></p><p>Available now on YouTube and all major podcast platforms. This episode is for educational purposes only and does not constitute financial advice. Always do your own research.</p>