#1552 Will Reeves | Bitcoin’s All-Time High Is Just the Beginning
🎯 Summary
Podcast Episode Summary: #1552 Will Reeves | Bitcoin’s All-Time High Is Just the Beginning
This episode of the Pom Podcast features Will Reeves, CEO and Founder of Fold, a publicly traded company focused on executing a Bitcoin Treasury strategy while building financial services around Bitcoin. The conversation centers on the significance of Bitcoin reaching a new all-time high (ATH), the evolving role of corporate treasuries, and Fold’s unique strategy for retail Bitcoin adoption inspired by the gold market.
1. Focus Area
The primary focus is Bitcoin and Corporate Treasury Strategy. Secondary themes include the maturation of the Bitcoin market, the convergence of traditional finance (TradFi) and Bitcoin, and innovative retail adoption channels (specifically gift cards inspired by Costco’s gold sales).
2. Key Technical Insights
- Bitcoin Treasury as Good Governance: The concept of a dedicated “Bitcoin Treasury strategy” is predicted to disappear, becoming simply recognized as “good corporate governance” and sound capital allocation for all future companies.
- Synergistic Treasury Model: Fold is pioneering a model where the operating company and the Bitcoin Treasury have a synergistic relationship, where the treasury underpins new financial services (like lending or insurance) and drives down the cost of capital, creating an edge over pure-play treasury companies.
- Retail On-Ramp Innovation: Fold is leveraging the familiar gift card mechanism to create a new, trusted distribution channel for Bitcoin acquisition at physical retail points of sale, mirroring the success seen by Costco with physical gold.
3. Market/Investment Angle
- Quiet but Significant ATH: Reeves views the current price ATH as the “quietest” and most important yet, driven by macro pressures (inflation, yield) and clear regulatory alignment in the US (citing the FIT21 Act).
- Long-Term Price Targets: Given the macro environment and institutional entry, Reeves suggests current investors should be prepared to hold until prices reach $200,000 to $250,000 before reaping significant profits.
- Cambrian Explosion of Strategies: The market is experiencing a “Cambrian explosion” of different corporate approaches to holding Bitcoin, similar to the altcoin boom, suggesting significant turmoil but also the emergence of enduring, successful models beyond the initial pure-play treasury strategy exemplified by MicroStrategy.
4. Notable Companies/People
- Will Reeves (Fold): Founder/CEO positioning Fold as a Bitcoin financial services company with a synergistic treasury model.
- MicroStrategy: Highlighted as the current, battle-tested model for the pure-play Bitcoin Treasury strategy.
- Costco: Cited as a major inspiration due to its success in selling $200 million of physical gold monthly to retail customers, proving a viable, non-brokerage channel for hard asset accumulation.
- Block (Square): Mentioned as another entity providing Bitcoin financial services that help accumulate the asset.
5. Regulatory/Policy Discussion
The conversation notes a significant positive shift in the regulatory landscape, specifically mentioning that “America has completely locked step come behind Bitcoin,” referencing the recent passage of the FIT21 Act as evidence of regulatory clarity supporting the asset.
6. Future Implications
The industry is moving toward Bitcoin being viewed as a mature, recognized, and essential component of any portfolio, shifting away from being purely speculative. The future will see thousands of companies adopt some form of Bitcoin Treasury, and innovation will focus on integrating Bitcoin into existing financial rails via operating companies like Fold, rather than just holding the asset passively.
7. Target Audience
This episode is most valuable for Crypto/Web3 Professionals, Corporate Finance Executives (CFOs/Treasury Managers), and Bitcoin Investors interested in corporate balance sheet strategies and retail adoption trends.
🏢 Companies Mentioned
💬 Key Insights
"Right now today, there are more exits into Bitcoin than there ever have been. And that's just not—it's not just about Bitcoin being accessible via Tether in a Bitcoin at an international exchange. It's now almost on every single global public market. It is now in ETFs. There are a myriad of ways for people to find an exit, an escape hatch that hasn't been here today."
"I think now everyone's convinced—I'm definitely convinced—hey, it doesn't matter how hard they try with Doge or any, they're not going to be able to get the budget under control. That's what's going to go up. Annual deficits are going to explode. Like, Bitcoin is all right. Right?"
"But what Fold is doing on the platform is it makes Bitcoin as liquid as your dollars, but the benefit is it can't be debased."
"What we see with this Bitcoin gift card so far, we see people buying it in lieu of a Treasury bond. So there's this weird kind of teleport of, "Hey, I'm going to be the cool grandmother this Christmas or graduation," and instead of a Treasury bond, I'm going to buy Bitcoin."
"Now, spouses are ones that control the wallet in the house, they're doing the spending, they are managing the checking account. And so, rewards and Bitcoin gift cards in stores really resonate with this group and get more and more of them to actually have a way they can interact with this asset."
"I think this bringing Bitcoin to physical locations in a physical form is actually psychologically going to help unlock a lot of these customers, and I think it's going to help us open that demographic of larger or older demographics."