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Bitcoin (BTC<\/a>) has long been branded as \u201cdigital gold,\u201d a store of value for believers in scarcity, decentralization and self-sovereignty. As institutional interest grows, geopolitics shift, and new layers emerge on Bitcoin\u2019s stack, is it time for the narrative to evolve?\u00a0<\/p>\n In this episode of The Clear Crypto Podcast<\/em>, hosts Nathan Jeffay and Gareth Jenkinson speak with longtime Bitcoiner and entrepreneur Dan Held, who argues that Bitcoin\u2019s next chapter may unlock broader functionality, from programmable use cases to more nuanced messaging that reaches far beyond crypto-native circles.<\/p>\n With US President Donald Trump openly backing Bitcoin \u2014 and reportedly owning it himself \u2014 Held said he sees a regulatory and reputational change.\u00a0<\/p>\n \u201cWe have the most open administration toward Bitcoin in the United States,\u201d he said.\u00a0<\/p>\n \u201cIt kind of feels weird… Normally in the press, Bitcoin mining is destroying the environment. It\u2019s being used by money launderers\u2026 And instead, you’ve got the president encouraging Bitcoin.\u201d<\/p><\/blockquote>\n Held traced Bitcoin\u2019s unlikely rise through moments of adversity, from China\u2019s mining crackdowns to the Biden administration\u2019s strict approach to crypto banking. Yet despite those challenges, roughly 25% of Americans now own Bitcoin, he said.<\/p>\n What comes next may push the asset into a new phase. Held and Jenkinson are proponents of building decentralized finance (DeFi) tools on top of Bitcoin, functionalities traditionally associated with blockchains like Ethereum or Solana.<\/p>\n \u201cIf 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.\u201d\u00a0<\/p><\/blockquote>\n That includes borrowing, lending, and staking, all mechanisms that allow users to interact with Bitcoin beyond simple holding or trading.<\/p>\n Related: <\/strong><\/em>How crypto payments can become the new \u2018tap-and-go\u2019 \u2014 Pulsar co-founder<\/strong><\/em><\/a><\/p>\n Jenkinson echoed the potential, highlighting a shift in attitude: \u201cIf you can use [Bitcoin] and bring DeFi to it, you\u2019re basically allowing people to use digital gold as the underlying asset… It\u2019s a very hard thing to do, because most hardcore Bitcoin maximalists don\u2019t want people to give up their Bitcoin for something else.\u201d<\/p>\n That tension between so-called \u201cBitcoin puritans\u201d and more moderate voices is not new, Held noted. He recounted the 2017 Bitcoin Cash fork, describing it as \u201ca civil war… brother against brother.\u201d But unlike that contentious split, today\u2019s evolution is happening without rewriting Bitcoin\u2019s base rules. \u201cNo one\u2019s proposing to change the rules of Bitcoin,\u201d Held said. \u201cThis is innovation built on top.\u201d<\/p>\n To hear the full conversation on The Clear Crypto Podcast,\u00a0 listen to the full episode on Cointelegraph\u2019s Podcasts page<\/a>, Apple Podcasts<\/a> or Spotify<\/a>. And don\u2019t forget to check out Cointelegraph\u2019s full lineup of other shows!\u00a0<\/p>\nPolitical shifts<\/h2>\n
DeFi on Bitcoin<\/h2>\n