Part 2/12:
Livingston emphasizes that the current phase marks a departure from Bitcoin's previous role as a high-risk, speculative asset. Instead, institutions are now deploying Bitcoin as collateral to underpin credit markets, be it through borrowing, lending, or linking currency systems. This transition elevates Bitcoin from an outsider to a core component of the global financial infrastructure, challenging the dominance of sovereign debt and government-backed bonds.
Key Point: Bitcoin is becoming the collateral foundation that links dollar and euro markets, effectively turning it into the new standard for global liquidity.