Episode notes
The pound has lost 95% of its purchasing power since 1971. Every fiat currency in history has eventually gone to zero. Bitcoin might be the first money that actually holds its value — and building the financial services around it is what Piotr, Product Manager at Xapo Bank, has spent years working on.
In this episode, Jordan sits down with Piotr to explore:
How Piotr went from ING Bank sceptic to fully orange-pilled Bitcoiner
Why Xapo Bank only holds USD and BTC — and why that's a deliberate choice
The case for borrowing against Bitcoin instead of selling it
How Xapo's underground vaults earned the nickname "Fort Knox of Bitcoin"
Why rehypothecation of collateral is off the table at Xapo — full stop
Earning yield and monthly Bitcoin income from your existing stack
What the "iPhone moment" for global Bitcoin adoption might actually look like
Why Bitcoin-backed lending rates should, in theory, be the lowest in the world
TIMESTAMPS:
00:00 Intro — Bitcoin is currency for the people
01:00 Welcome and Piotr's background
02:00 Joining Xapo Bank and building wealth products
04:00 Bitcoin-backed lending and yield on Bitcoin
06:00 Discovering Bitcoin twice — and why most people do
09:00 Looking for the next Bitcoin (and why that's a mistake)
10:00 Currency debasement — Argentina, Europe, and everywhere else
13:00 The history of money and why fiat always fails
17:00 What Xapo Bank is actually building and why
19:00 Self-custody vs. custodial — meeting people where they are
22:00 Inside Xapo's vaults — the Fort Knox of Bitcoin
27:00 MPC security and why transactions are now near-instant
32:00 How Xapo decides what products to build next
38:00 Bitcoin-backed cards and what's coming
42:00 Zero rehypothecation — and why it matters
44:00 The iPhone moment and Bitcoin's next ten years
48:00 Why Bitcoin-backed lending rates should be the lowest
Join the UK Bitcoin Business Network here: https://bitcoincollective.co/bbn/
CONTACT JORDAN:
X: https://x.com/JayW132
LinkedIn: https://www.linkedin.com/in/jordan-walker-293955106/
Email: hello@bitcoincollective.co
CONTACT PIOTR:
X: http://x.com/piotrbed
LinkedIn: https://www.linkedin.com/in/piotrbedk/
READ OUR NEWSLETTER:
https://newsletter.bitcoincollective.co/
LISTEN / SUBSCRIBE:
Spotify: https://open.spotify.com/show/06sBiOznJDxuhafDmkE9VK?si=3f0a8bb8abd64eec
Apple: https://podcasts.apple.com/gb/podcast/the-bitcoin-collective/id1561573613
Fountain: https://fountain.fm/show/AYHiNhTTv0HOgGEjRjWN
YouTube: https://www.youtube.com/@bitcoincollective?sub_confirmation=1
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.
What Would a Bitcoin-Native Bank Actually Look Like?
Borrow Against Bitcoin Without Selling a Single Sat
⸻
EDITED BY JAMES PEARCE
LinkedIn: https://www.linkedin.com/in/james-pearcesf/
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.
In this episode, Jordan sits down with Piotr to explore:
How Piotr went from ING Bank sceptic to fully orange-pilled Bitcoiner
Why Xapo Bank only holds USD and BTC — and why that's a deliberate choice
The case for borrowing against Bitcoin instead of selling it
How Xapo's underground vaults earned the nickname "Fort Knox of Bitcoin"
Why rehypothecation of collateral is off the table at Xapo — full stop
Earning yield and monthly Bitcoin income from your existing stack
What the "iPhone moment" for global Bitcoin adoption might actually look like
Why Bitcoin-backed lending rates should, in theory, be the lowest in the world
TIMESTAMPS:
00:00 Intro — Bitcoin is currency for the people
01:00 Welcome and Piotr's background
02:00 Joining Xapo Bank and building wealth products
04:00 Bitcoin-backed lending and yield on Bitcoin
06:00 Discovering Bitcoin twice — and why most people do
09:00 Looking for the next Bitcoin (and why that's a mistake)
10:00 Currency debasement — Argentina, Europe, and everywhere else
13:00 The history of money and why fiat always fails
17:00 What Xapo Bank is actually building and why
19:00 Self-custody vs. custodial — meeting people where they are
22:00 Inside Xapo's vaults — the Fort Knox of Bitcoin
27:00 MPC security and why transactions are now near-instant
32:00 How Xapo decides what products to build next
38:00 Bitcoin-backed cards and what's coming
42:00 Zero rehypothecation — and why it matters
44:00 The iPhone moment and Bitcoin's next ten years
48:00 Why Bitcoin-backed lending rates should be the lowest
Join the UK Bitcoin Business Network here: https://bitcoincollective.co/bbn/
CONTACT JORDAN:
X: https://x.com/JayW132
LinkedIn: https://www.linkedin.com/in/jordan-walker-293955106/
Email: hello@bitcoincollective.co
CONTACT PIOTR:
X: http://x.com/piotrbed
LinkedIn: https://www.linkedin.com/in/piotrbedk/
READ OUR NEWSLETTER:
https://newsletter.bitcoincollective.co/
LISTEN / SUBSCRIBE:
Spotify: https://open.spotify.com/show/06sBiOznJDxuhafDmkE9VK?si=3f0a8bb8abd64eec
Apple: https://podcasts.apple.com/gb/podcast/the-bitcoin-collective/id1561573613
Fountain: https://fountain.fm/show/AYHiNhTTv0HOgGEjRjWN
YouTube: https://www.youtube.com/@bitcoincollective?sub_confirmation=1
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.
What Would a Bitcoin-Native Bank Actually Look Like?
Borrow Against Bitcoin Without Selling a Single Sat
⸻
EDITED BY JAMES PEARCE
LinkedIn: https://www.linkedin.com/in/james-pearcesf/
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.
