Jakob Schillinger: Future of Money, Digital Credit, & Bitcoin | The Income Show | Ep. 4

In Episode 4 of The Income Show, Joe sits down with Jakob Schillinger, CEO of Hermetica, a self-custodial Bitcoin yield product built for earning BTC-denominated returns while keeping your position on-chain and transparent. Together they explore the future of money, the evolution of fixed income, and why digital credit represents one of the largest untapped markets in finance. The conversation digs into what separates a durable yield product from the failures of past cycles, covering transparency, institutional-grade risk controls, the importance of low volatility, and the lessons being absorbed from recent DeFi exploits. Jakob and Joe also unpack Hermetica's infrastructure, its path to multi billion dollar scale, and how simplification, not complexity, is the foundation of higher security. They close on the bigger picture: Bitcoin's role as a world reserve asset, the intersection of AI and Bitcoin, and how a shifting interest rate regime will redefine the priorities of every digital credit issuer in the next cycle.

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Time Stamps:
00:00 – Intro
00:45 – Introduction to Jakob Schillinger and Hermetica
01:44 – Discovering Bitcoin and the White Paper
03:10 – Initial Skepticism and Views on Digital Credit
04:51 – Money as a Technology
06:41 – The Evolution of Fixed Income and Bonds
08:12 – The Scale of the Digital Credit Market
09:37 – Success and Adoption of STRC
11:16 – Market Feedback and the Importance of Cash Reserves
13:10 – Stress Testing Digital Credit Performance
14:19 – Developing the Underwritable Yield Layer
17:16 – What is Hermetica?
21:52 – The History and Failure of Past Yield Products
24:36 – Transparency and Institutional Grade Risk Controls
26:44 – The Importance of Low Volatility in Credit
28:09 – Reflexivity and Hedging Downside Risks
31:44 – Infrastructure and Building on the Stacks Layer 2
33:35 – Lessons from Recent DeFi Exploits
38:05 – Simplification for Higher Security
40:01 – Scalability to Multi-Billion Dollar Levels
41:19 – Bitcoin's Future as a World Reserve Asset
44:07 – Predictions on AI and the Future of Work
47:27 – The Connection Between AI and Bitcoin
49:47 – Impact of Changing Interest Rates
51:33 – Future Priorities for Digital Credit Issuers
54:03 – Closing thoughts

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.