For a while, I was skeptical of bitcoin treasuries. All these bitcoin companies felt like another fiat-financial stunt, another way to play games with debt and derivatives while co-opting Bitcoin’s name. I didn’t want bitcoin financialized. I wanted it to flourish — cleanly, directly and outside the grasp of Wall Street.
But then I sat down for a conversation with Preston Pysh on my podcast “You’re the Voice.” That conversation changed everything for me.
Preston’s background is as unorthodox as his insight: an Apache helicopter pilot turned engineer and venture investor. And when he explained how bitcoin treasury companies function — not just structurally, but systemically — something clicked.
He called them “super spreaders of adoption.” And he didn’t mean that in a flashy, memetic way. He meant that these public companies are engineering themselves to bring bitcoin into the deepest corners of capital markets: pensions, retirement portfolios, bond funds. Through public transparency and financial engineering, they’re creating vehicles that allow bitcoin to seep into legacy systems — not by smashing the door down, but by flowing through the cracks.
“When you securitize Bitcoin through a public company, you’re creating a vehicle that can operate in the fiat world while accumulating sound money in the background,” Preston told me.
So, that’s how bitcoin infiltrates the fiat world…? Not through a revolution, but through clever replication. Or as Friedrich Hayek once put it: through a sly, roundabout way.
At first, I still hesitated: Isn’t that just more fiat games? Isn’t bitcoin supposed to be the exit?
So I pressed Preston: What’s the product here? What are these bitcoin treasuries actually offering? Do they even have a product or a service — or is bitcoin itself on the balance sheet enough?
His answer surprised me. The product, he said, is yield — and the demand for it is massive. The market isn’t just hungry for high-yield instruments — it’s desperate.
“The product is the desperation: retirees need high-yield income.”
It’s a tough truth, but it reflects the sad reality of fiat-based economies. We didn’t create this broken system — we’re living in it. And for millions of people trying to preserve their wealth, bitcoin treasury companies may actually be a lifeline. Especially pensioners, retirees and institutions trying to escape the erosion of fiat-denominated bonds. That’s the bridge: offer something familiar — a reliable income stream — while quietly onboarding the world to something revolutionary: Bitcoin.
As uncomfortable as that is — especially for people like Preston or me, who’ve dedicated years to Bitcoin education — it’s a needed reality check. If we’re serious about driving adoption, we have to meet people where they are. Sometimes, the bridge to Bitcoin is built from the tools of the old world.
But then he broke it down in systems terms — with Michael Saylor’s “multi-gear transmission” model as a case study. When credit is loose, raise debt to buy bitcoin. When credit tightens, use operating cash or issue equity. Always stack. Always adapt. Always keep accumulating. It’s not just about holding BTC — it’s about designing capital structures that serve Bitcoin, not the other way around.
A lightbulb went off. Maybe this isn’t the financialization of Bitcoin.
Maybe it’s the Bitcoinization of finance.
I think the idea that is shifting my perspective is this: transparency. This “super spreader” effect can only happen in public markets because of their regulatory visibility. You can’t hide what you’re doing. Auditors, investors, the public — everyone can see your books. That makes it harder to play scammy games and easier for Bitcoin’s incorruptible properties to shine through. As I told Preston in our chat, maybe that’s how Bitcoin ends up making fiat markets more honest.
Preston went further. He explained that one of the biggest untapped markets for Bitcoin treasury companies is retirees. People who want fixed income. Bonds. Yield. And through products like Strategy’s STRC security, companies are now offering bitcoin-backed yield instruments that can compete with traditional bonds — and maybe outperform them. That’s how bitcoin reaches even the most conservative portfolios.
“Saylor built a machine that shifts gears depending on liquidity in the system. It’s a genius piece of financial engineering that other public companies can copy — and they will.”
I’ve never been a fan of the idea that real change can come from within a broken system. But I also want to stay open to the possibility that this time might be different — that the fiat system won’t be overthrown in a single moment, but gradually transformed as better alternatives are quietly built inside it, until the change becomes undeniable.
Maybe we’re watching that unfold right now, in slow motion.
“To hand off the baton from legacy finance to the future Bitcoin system,” Pysh said, “the systems have to match frequency.”
That’s where stablecoins come in. Preston doesn’t romanticize them. He sees their flaws. But he also sees their role: to synchronize with Bitcoin, so the transition doesn’t break the relay. They’re the halfway step. A necessary bridge.
By 2030, he predicts, we’ll be living in a world with both CBDCs and bitcoin — a dual system. But not for long. “By 2030,” he said, “merchants will say, ‘We only want the Bitcoin.’”
The world is shifting. The Great Monetary Reset is already happening — beneath the headlines, inside balance sheets, behind cap tables. And maybe that’s the most radical part… It’s not a revolution on the streets: It’s a quiet, strategic rewiring of capital allocation.
I now get how bitcoin treasury companies aren’t the problem. Sure — if they don’t play smart, they may crash. If people go “all in” on them without hedging themselves, they may crash too. But these companies are fulfilling a role meant to be fulfilled: the role of super spreaders. And it might just lead us to the solution. Not perfectly. Not ideologically. But effectively.
The Great Monetary Reset isn’t ahead of us; it’s here — embedded in how capital is allocated, structured and stored. And if Preston is right, the playbook is already written for those ready to act.
