Bitcoin's Adolescent Phase: Infrastructure, Stablecoins, and the Road to Wall Street
Bitcoin for Financial Services PodcastWhat does it look like to walk away from a private equity career, write one of the early economics books on Bitcoin, and then build a venture fund betting entirely on the infrastructure layer of the hardest money on earth?
In this episode, Wyatt and Jordan sit down with Eric Yakes, Managing Partner at Epoch, to explore what it actually takes to invest in the Bitcoin ecosystem, why the infrastructure around Bitcoin is a levered private market play on the most rapidly growing asset in history, and why most people still don't understand the size of the opportunity.
Eric breaks down his journey from private equity to Bitcoin author to venture capitalist, and what it took to launch Epoch's Fund One with 14 portfolio companies already deployed. We get into why nobody loses on a Bitcoin loan, why lending is one of the most underrated businesses in the ecosystem, and how cross-border payments are still in the landline-drilling phase of their buildout.
Eric also shares his framework for thinking about tokenization, why every digital signature that gets adopted makes the switch to Bitcoin easier, and why the fragmented patchwork of the old financial system is exactly what makes Bitcoin's open standard so powerful. We dig into stablecoins as free banking 2.0, why the Genius Act was straightforward regulatory capture by banks, and why the real Bitcoin adoption story over the next decade isn't Michael Saylor. It's Bitcoin as a reserve asset inside stablecoins.
We close out with Eric's honest take on AI's impact on startup cost structures, why we're entering the era of the idea guy, and where Wall Street actually stands on Bitcoin today. Plus why "digital gold" is just the pill pocket that helps traditional finance swallow something they don't yet know is good for them.
Chapters
(00:00) Introduction to Bitcoin and Eric Yakes
(01:57) Eric's Journey into Bitcoin and Economics
(06:11) The Evolution of Bitcoin Investment Strategies
(10:02) Venture Capital Insights and Startup Dynamics
(16:03) Opportunities in Financial Services and Bitcoin Ecosystem
(21:51) The Future of Bitcoin Loans and Financial Strategies
(26:07) Tokenization of Assets and Its Impact on Bitcoin
(31:38) The Challenges of Decentralization and Standards
(34:26) Stablecoins: A Bridge to Bitcoin Adoption
(46:26) AI's Role in Bitcoin and Financial Innovation
(53:27) Wall Street's Evolving Perspective on Bitcoin
Guest Links
Eric Yakes | Managing Partner at Epoch
LinkedIn: linkedin.com/in/eric-yakes-598a6956
Host Links
Jordan Guess
LinkedIn: linkedin.com/in/jordan-guess-cpa
Website: bitment.co
Wyatt O'Rourke
Website: basilic.io
Bitcoin for Financial Services Media
Website: bffs.media
YouTube: youtube.com/@bffs_media
Show Sponsors
Basilic Financial — Your wealth deserves intention. Basilic is a Bitcoin-focused wealth management firm helping clients find balance between money and meaning. Financial planning, individual wealth management, retirement services for SMBs, and Bitcoin financial services.
Bitment — Tired of messy CSVs and broken cost basis? Bitment is the first Bitcoin-native accounting platform for CPAs, advisors, miners, and serious investors. Clean Bitcoin bank statements, reliable cost tracking, full reporting, and seamless fiat integration through Plaid.
Satoshi Pacioli — Run a Bitcoin business? Meet your full-service accounting and tax partner built for the Bitcoin economy. Bookkeeping, financial reporting, tax compliance, and strategic planning for companies and individuals who speak Bitcoin.