I sat down with Matt Black at the Atomic Finance offices in downtown Toronto to talk about one of his favourite topics in the world - Bitcoin. He's not just an enthusiast who's investing in this ecosystem, but he's a builder. From bitcoin-backed loans to derivatives trading while maintaining self-custody of one's assets, Matt wants to push the envelope with what we all believe is possible with Bitcoin.
Here is a list of some of the key takeaways from our episode. The links to listen on your favourite podcast player can be found at the end of the post.
1. Bitcoin's Programmability is the Next Frontier
While Bitcoin is often seen as a store of value, Matt emphasized the importance of adding programmability to Bitcoin to unlock its full potential. He discussed covenants—a way to restrict how Bitcoin can be spent—as a game-changer for improving security and enabling more complex financial tools like loans and derivatives directly on the Bitcoin network. Everyone agrees that bitcoin lacks the versatility of the current Web3 darlings like Solana and the greater Ethereum ecosystem.
"Programmability is going to be really essential. That's one of the things missing to both get financial tools into bitcoin, but also for getting better self-custody."
2. Security Should Be a Priority from Day One
Matt stressed the importance of thinking about security before it becomes a problem. He shared examples of people who lost Bitcoin because they didn’t secure it properly when it was worth less, only to regret it when its value skyrocketed. As the value of these assets grow, so do the potential windfalls of malicious actors. If you're buying now, don't consider the value of your investment right now, but prepare your security from the perspective of a 10x gain. Think off additional layers of security, such as multi-sigs and other ways to restrict how your wallets could be drained in a worst-case scenario.
"Bitcoin's bizarre, you know. Bitcoin self-custody is the equivalent of having a castle that's heavily defended. There's gold in the middle of the castle. But as soon as an attacker comes in there and gets it, they have a high speed train out."
3. The Role of Satoshi's Coins as a Quantum Computing "Bounty"
Matt explained how Satoshi’s untouched Bitcoin holdings (around 1 million coins over multiple wallets) act as a bounty for anyone who can break Bitcoin’s cryptography using quantum computing. If these coins are ever moved, it would serve as a warning sign for the community to upgrade Bitcoin’s security.
"Satoshi's coins are the most at risk, and that basically acts as a bounty. If everyone in the community suddenly notices that Satoshi's coins have been moved, which a bunch of people are constantly watching, well, then that's an immediate warning signal to say this has been broken."
4. The Important of Consensus in Bitcoin's Evolution
The challenges of getting the Bitcoin community to agree on changes, such as implementing covenants or other upgrades, remain an obstacle. In Ethereum the foundation can push through updates or new ideas can be implemented in L2s or rollups. Bitcoin requires broad consensus, which can slow progress.
"Even when everybody agrees on what should be implemented, they don't agree on how it should be activated. This is the problem with Bitcoin right now. There's like six or seven or eight different covenant proposals. Everyone's reviewing them. Everyone's talking about them. Which one is going to be chosen? I don't know because everyone has problems with different ones of them."
5. Crypto Adoption is Inevitable, But It's A Long Game
Our understanding of money has probably changed more in the last 20 years than it had in the 100 years previously. Especially with more people understanding the difference between currency and money, and opting for harder means of storing value. How far does this search for hard money go? Will there be a wider realisation that all of society needs this? Will the motivations that backed our fiat money system one day become obsolete? Matt thinks that might be the case.
"I think like something like having internet money that is backed by energy as like a human race is an inevitability in the long term, right? What does it look like in the short term, like in 50 years? Do I think everyone's going to be using Bitcoin? Maybe in 100 years? Probably. I think everyone's gonna be using it."
Final Thoughts - Where to From Here?
Matt Black’s insights remind us that Bitcoin’s journey is far from over. While its adoption as a global form of money feels inevitable, the path to getting there is paved with challenges beyond regulation - it looks like our ability to get past our differences along & build for the greater good is our current "Great Filter." But like every good challenge, there are opportunities to find new points of inspiration and growth.
As we look ahead, one thing is clear: Bitcoin is not just a financial tool; it’s a revolution in how we think about money, value, and trust. Whether it’s through the development of covenants, the rise of quantum-resistant cryptography, or the slow but steady march toward global adoption, Bitcoin continues to evolve. And as it does, it invites us to rethink what’s possible in a world where money is decentralized, secure, and truly global.
So, as Matt wisely advised, “stay safe out there, stack sats, and spread the good word.” The future of Bitcoin is bright, but it’s up to all of us—builders, investors, and enthusiasts—to help shape it. The journey is just beginning.
So for those of us who are on-chain, you can listen to the podcast ad-free at the embedded Pods link below. Mint & collect the episodes. You can find the link to the episode on your favourite podcast player as well, keep scrolling. Take care, and catch you in the next one!
Episode 4: Quantum Threats and Bitcoin's Next Leap with Matt Black, Founder of Atomic Finance
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