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Is Bitcoin Considered a Rock?

The CSO of CoinShares talks about joining the Stacks Foundation board and why Bitcoin is “not a f*cking rock” like gold.

Meltem Demirors is the chief strategy officer at digital asset investment advisory group CoinShares.

She is also the newest board member of the Stacks Foundation, the nonprofit organization that is promoting development on the Stacks network, a move that has been in the works since last year.

Stacks is a network designed to bring the types of decentralized applications and smart contracts Ethereum is known for onto Bitcoin. The website puts its, “Stacks unleashes Bitcoin’s full potential as a programmable base layer.”

And it involves doing away with its image as a digital gold, Demirors stated:

“Gold is a shiny rock. Bitcoin is not a rock. It’s not a f*cking rock.”

“There’s a lot of work to be done on the narrative around Bitcoin,” she continued. “I think this narrative of, ‘Oh, Bitcoin is never changing and not innovative but it’s stable, and Ethereum is really innovative or other protocols are really innovative’—we need to kill that narrative. And Stacks is going to help us do that.”

“Obviously, we’ve seen a lot of Bitcoin move onto Ethereum in the form of Wrapped Bitcoin, whether that’s done in a custodial manner or a noncustodial manner,” she said. “What we haven’t really seen a lot of to try to bring Ethereum’s functionality and simplicity in programming to Bitcoin.”

Meltem Demirors, a former corporate treasurer stated that creating a 10 to 20 year plan will be the number one priority. It can involve diversifying out of Stacks and trying to earn yield on the Stacks that the foundation is holding.

“Longevity and sustainability is something that’s been problematic for foundations and treasuries in the past,” she said, highlighting that the foundation won’t act as a venture fund or business. Rather she emphasized the community feedback, including through a community board seat. “We’re really just stewards bringing our expertise and our insights to the foundation, but really the foundation serves the broader community,” she said.

That community must grow as the thirst for not just Bitcoin, but also the decentralized finance apps and NFTs expands. Both have been blossoming into multi-billion dollar industries basically through the Ethereum network in the previous year, as the institutional investors hoard Bitcoin as if it were the only store of value.

“All we do with gold today is we take bars and shove them in a vault. The point of Bitcoin is not to take it and shove it in a vault,” Demirors stated. “What we’re going through with Bitcoin is sort of this exploration of what else is possible.”

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