Part 5/12:
Decreased reliance on sovereign debt: Capital can now be directed into Bitcoin as collateral, bypassing fragile government bonds.
Competitive advantage: Bitcoin collateral is hard to inflate, can't be confiscated, and is independent of political meddling.
Market-driven risk pricing: Yield spreads and interest rates will be set by market forces rather than political fiat.
Livingston emphasizes that this collateral competition—where Bitcoin replaces sovereign bonds—is a natural evolution, driven by the superior properties of Bitcoin as a monetary asset.