Orkun Mahir Kılıç - The Platform for Bitcoin Capital Markets
1. Bitcoin’s Dual Value Proposition
Orkun highlighted that Bitcoin possesses two main value propositions: it serves as a medium for payments and operates without intermediaries, allowing for trustless transactions. While it was originally created for online payments, it has evolved into a store of value, indicating a significant shift in how people perceive and use Bitcoin in today’s financial landscape. The implication is clear, for developers and businesses, recognizing this evolution is crucial when considering future applications or investments in Bitcoin.
2. Bitcoin's Growth Potential Remains High
According to Orkun, Bitcoin is currently just 2% of total global wealth, and if it were to capture 50% of the store of value market, it could see over $200 trillion in growth. This staggering figure suggests that Bitcoin has a vast untapped potential in the broader financial ecosystem and that investors and developers should consider strategies that leverage this growth. This insight reinforces the importance of long-term thinking when engaging with Bitcoin investments.
3. Counterparty Risk in Bitcoin Ecosystem
Orkun addressed the issue of counterparty risk in deploying liquidity for Bitcoin. He mentioned that many prevalent Bitcoin substitutes, like 'wrapped' BTC, are custodial and expose users to risks associated with these counterparty entities. This raises an important point for both developers and investors: creating solutions that minimize counterparty risk could be key for the future growth and security of Bitcoin users.
4. Lack of Comprehensive Bitcoin Platforms
Orkun emphasized that there's a lack of all-in-one platforms that facilitate a range of Bitcoin functionalities beyond basic payments. He pointed out that current solutions don’t fully integrate diverse financial products with Bitcoin and limit its potential. For entrepreneurs and developers, this insight presents an opportunity to innovate platforms that provide comprehensive services, thereby enhancing Bitcoin’s usability and appeal.
5. Simplifying Bitcoin Onboarding for New Users
Orkun stressed the need for a simple, non-custodial onboarding flow for new Bitcoin users, citing that many current pathways require interaction with centralized exchanges, presenting barriers for adoption. This suggests that creating user-friendly, non-custodial solutions could significantly enhance Bitcoin's accessibility to newcomers, thus expanding its user base and accelerating overall growth.
6. Introducing Citrea for Programmable Bitcoin
Orkun introduced Citrea as an innovative platform that allows Bitcoin to function as programmable money, not just a passive asset. By integrating features such as liquidity bridges like Clementine and promoting new financial primitives, Citrea aims to cultivate a more robust and flexible Bitcoin financial ecosystem. This is a vital point for developers who aim to create applications that tap into programmable money capabilities for Bitcoin.
