Bitcoin (BTC) has long been branded as “digital gold,” a store of value for believers in scarcity, decentralization, and self-sovereignty. As institutional interest grows, geopolitics shift, and new layers emerge on Bitcoin’s stack, is it time for the narrative to evolve?
In a recent episode of The Clear Crypto Podcast, hosts Nathan Jeffay and Gareth Jenkinson engaged with Dan Held, a well-known Bitcoiner and entrepreneur, who argues that Bitcoin’s next chapter might unlock broader functionality, expanding to programmable use cases that extend far beyond crypto-native circles.
Political Shifts
With the current U.S. administration showing unprecedented openness toward Bitcoin—as highlighted by President Trump’s public support and reported ownership—Held perceives a significant regulatory and reputational transformation in relation to cryptocurrency.
“We have the most open administration toward Bitcoin in the United States,” he stated, emphasizing that it marks a notable shift from the typical media narrative where Bitcoin mining is often portrayed as environmentally detrimental or linked to illegal activities.
Held traced Bitcoin’s notable ascendance, even during adverse situations, from China’s mining crackdowns to regulatory challenges posed by the Biden administration. Despite these hurdles, about 25% of Americans now own Bitcoin, a testament to its growing acceptance.
DeFi on Bitcoin
Looking ahead, Held and Jenkinson advocate for the development of decentralized finance (DeFi) tools atop Bitcoin— functionalities traditionally associated with networks like Ethereum or Solana. They argue that reintegrating DeFi into Bitcoin could stimulate further growth.
“If we could bring [DeFi] back to Bitcoin, then Bitcoin could utilize not just spot speculation… but these other speculative games then would allow Bitcoin to grow even faster,” Held explained.
This includes mechanisms such as borrowing, lending, and staking, which enable users to engage with Bitcoin in ways that go beyond simple holding or trading.
Jenkinson echoed this vision, noting a shift in perspective: “If you can use [Bitcoin] and bring DeFi to it, you’re essentially allowing people to utilize digital gold as the underlying asset.” However, he pointed out the challenges posed by ‘Bitcoin puritans’ who are hesitant to allow any alteration to the traditional usage of Bitcoin.
Held acknowledged the historical tension between differing factions within the Bitcoin community, recalling the contentious 2017 Bitcoin Cash fork as “a civil war… brother against brother.” He assures, however, that today’s advancements occur without altering Bitcoin’s foundational principles. “No one’s proposing to change the rules of Bitcoin,” he clarified. “This is innovation built on top.”
For those interested in further exploring this topic, the complete conversation can be found on The Clear Crypto Podcast on Cointelegraph’s Podcast page, Apple Podcasts, and Spotify. Additionally, be sure to check Cointelegraph’s full lineup of other shows.
