Bitcoin culture wasn’t always about eating red meat. The desire for L2s, DeFi, and experimentation are part of Bitcoin’s earliest roots, and those are the areas that the Asymmetric Bitcoin DeFi Venture Fund is investing in. In our chat at ETH Denver, creators Dan Held and FarmerJoe took me through the history. In this conversation, we discuss:

• Being early to Bitcoin DeFi
• Why Dan and FJ ONLY buy into projects with tokens
• Why money isn’t Bitcoin’s only use case
• Old vs new Bitcoin maximalism
• Whether Bitcoin cycles will continue

This episode is powered by Best In Slot—the leading API for Ordinals and BRC20 data aggregation and indexing.

TIMESTAMPS__

00:54 When did Dan learn about “Bitcoin DeFi”?

02:49 Dan’s marketing role for TrustMachines

05:32 FarmerJoe’s entry to Bitcoin DeFi

09:32 FarmerJoe’s early entry to Ordinals

10:42 Tokens on Bitcoin were inevitable

13:00 Ethereum’s flawed NFTs

15:30 Dan’s excitement for Taproot Wizards

18:00 Joe’s angel investments in Bitcoin

20:30 The Asymmetric Bitcoin DeFi Venture Fund

22:40 Only investing in protocols through tokens

23:30 Do Bitcoin L2s need tokens?

24:50 Will Bitcoin L2 tokens be *on* Bitcoin?

27:30 Gatekeeping of Bitcoin L2s

29:45 Blockchains are countries

32:00 Money isn’t Bitcoin’s only use case

35:00 “Speculation is a core driver of adoption”

36:30 Do Bitcoiners really want DeFi?

38:50 Holding ETH erodes your value – not BTC

40:30 Discrete Log Contracts (DLCs) are sooo cool

41:50 Is the whole world collapsing back to Bitcoin?

42:45 Dan on maxis and the moralization of Bitcoin

44:55 Bringing crypto back to Bitcoin

46:55 We always wanted to scale Bitcoin in layers

50:30 Isabel defends the Bitcoin maxis

52:20 Bitcoin began as speculation and drugs

54:15 Four pillars of Asymmetrics investment focus

57:40 Arch - Asymmetric’s first investment

59:00 Will Bitcoin cycles continue?

01:00:50 Bitcoin will turn risk-off long-term

01:03:05 Bitcoin still has some risk element

01:04:18 Do halvings matter for cycles now?

>https://x.com/danheld

>https://x.com/FarmerJoe0x

>https://x.com/goasymmetric

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