Bitcoin has won the store-of-value argument, but can it become the foundation of an entirely new credit system? David Seroy of Alpen Labs joins David Hoffman to explore why Bitcoin’s next era may be defined by digital credit, ZK rollups, fixed-duration lending, and an onchain repo market rather than payments alone.

---

📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
https://bankless.cc/spotify-premium

---
BANKLESS SPONSOR TOOLS:

🔮POLYMARKET | #1 PREDICTION MARKET
https://bankless.cc/polymarket-podcast

📊BITGET | TOKENIZED STOCKS 2.0
https://bankless.cc/bitget-stocks

🎯THE DEFI REPORT | ONCHAIN INSIGHTS
https://thedefireport.io/bankless

👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES
https://bankless.cc/spotify-premium

---
TIMESTAMPS

0:00 Hyperbitcoinization
3:51 Bitcoin’s Next Phase
9:57 The Talent Crisis
11:29 BitVM and ZK
16:26 Bitcoin L2s
19:06 Bitcoin Credit
28:28 Onchain Repo
34:09 The Yield Curve
38:21 Borrowing and Risk
43:24 Why L2s Failed
48:29 Saylor vs Onchain
54:51 Alpen and Strata
56:36 Ethereum’s Purpose

---
RESOURCES

Alpen Labs
https://www.alpenlabs.io/

---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures