#278: Don't Sell Your Bitcoin. Live Off It. with
@Firefish_io
Rehypothecation has never been cryptographically impossible in Bitcoin-backed lending. Because every previous platform was a custodian — and the custodians all failed.
And the first company to engineer rehypothecation out at the protocol level was built by a power trader who'd spent a decade pricing counterparty risk in physical commodity markets.
@MartinMatejka, Co-founder & CEO of
@Firefish_io, joins me to lay out the case in plain English: why he walked away from running power trading at one of Europe's largest utilities once he realized Bitcoiners deserved better than BlockFi, how Firefish engineered a 3-of-3 multisig where the platform itself cannot move your collateral, what happened on February 6 when Bitcoin fell $30K in a single day and only 1.7% of loans even triggered margin calls, the 6,000 BTC secured in multisig across 27,000 users in 70 countries, and why, after all of it, his bet is simple — Bitcoin wins, fiat decomposes.
Send this to the Bitcoiner in your life who needs liquidity but refuses to sell.
2:05 Welcome to The Bitcoin Matrix
2:54 The origin — investing without selling Bitcoin
5:33 Power trading at ČEZ — what risk taught him
7:04 Martin's rabbit hole — Austrian economics meets cryptography
10:35 What is a Bitcoin-backed loan
11:43 Shorting fiat, going long Bitcoin
14:24 What happens when Bitcoin's price drops — 50% LTV
17:03 "Rehypothecation is cryptographically impossible"
18:01 3-of-3 multisig the self-recovery transaction
20:30 February 2026 — the stress test the architecture passed
22:01 LSEG Workspace — Bitcoin credit has a ticker
25:54 Who lends on Firefish — including Martin's parents
29:02 Is lending Bitcoin's next phase?
30:21 Are you enjoying it?
31:11 For the listener sitting on a stack