# Rebuilding the $12T Repo Market on Bitcoin | Bitcoin Dave

Page: https://stenobird.com/podcast/bankless-357756/rebuilding-the-12t-repo-market-on-bitcoin-bitcoin-dave
Text version: https://stenobird.com/podcast/bankless-357756/rebuilding-the-12t-repo-market-on-bitcoin-bitcoin-dave.md
Podcast: [Bankless](https://stenobird.com/podcast/bankless-357756)
Published: 2026-07-20T10:30:00+00:00
Episode link: https://episode.flightcast.com/01KXZG3AS0BE06TCXGSSHKTZ5J.mp3
Audio file: https://episode.flightcast.com/01KXZG3AS0BE06TCXGSSHKTZ5J.mp3
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JSON: https://stenobird.com/v1/public/podcasts/bankless-357756/episodes/rebuilding-the-12t-repo-market-on-bitcoin-bitcoin-dave
Duration seconds: 3531

## Resource

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

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## Transcript

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