Few financial assets in history have transformed as dramatically as Bitcoin, shifting from a highly speculative investment to a potential global reserve currency in record time.
This year, a prominent U.S. presidential candidate is even discussing turning the nation into a major Bitcoin player. Amid this growing interest, Caitlin Long, a former Morgan Stanley executive and current CEO of Custodia Bank, recently joined TheStreet Roundtable to discuss Bitcoin’s evolution and its impact on retail investors.
Long, who has navigated three Bitcoin bull markets, shared her experiences—recalling a time when she paid for Christmas gifts with Bitcoin. “It’s no longer a payment system where you can buy a cup of coffee,” she explained. “Bitcoin has evolved into a large value payment system, transitioning from a simple payment method to a store of value. I believe it will eventually become a world reserve currency, further cementing its role as a store of value.”
Long emphasized the unique benefits of Bitcoin ownership, noting that it allows individuals to “own their own data” and effectively “be their own bank.” Comparing it to traditional financial assets like stocks and commodities, she pointed out that Bitcoin holds particular appeal in regions with low trust in financial institutions. “Those institutions have abused that trust,” Long said, adding that many Americans still see Bitcoin as purely speculative. She also warned about the risks of centralized exchanges, some of which have collapsed in recent years. “When you’re on these exchanges, you’re not truly owning Bitcoin—you’re holding an IOU.”
As the founder of Custodia Bank, Long has consistently advocated for safer storage options and urged retail investors to prioritize self-custody of their assets.
While Bitcoin’s use is expanding to large-scale transactions, Long highlighted that “scaling layers” built on top of Bitcoin will allow for broader adoption, particularly in areas lacking stable banking infrastructure.
Related Topics:
