Thomas Jeegers and I explore the differences between Bitcoin and “blockchain technology”, why so few people in Tradfi understand Bitcoin, efficient vs resilient money, the value of permissionless money, and how Relai is making BTC more accessible to people across the globe. Thomas Jeegers is the CFO & COO of Relai and the author of “Understanding Crypto Fundamentals.”
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TIMESTAMPS:
0:00 – Why Write “Understanding Crypto Fundamentals”
2:25 – Blockchain vs Bitcoin
5:36 – Background in TradFi and Risk Management
10:31 – Do Other TradFi Guys Understand Bitcoin?
14:42 – Thomas’ Orange Pill Moment
20:53 – Sound Money Before Bitcoin?
30:28 – Efficient vs Resilient Money
37:17 – Why Did Countries Who Joined the EU Give Up Their Ability to Print Money?
39:38 – Working on “Relai”
43:28 – Bitcoin is Permissionless Money
45:21 – Inside of a “Relai” (Bitcoin Business)
49:34 – Dealing with Regulation for Bitcoin Businesses
57:00 – How to Connect with Thomas
Understanding Crypto Fundamentals with Thomas Jeegers:
In this richly detailed episode, Thomas Jeegers, author of Understanding Crypto Fundamentals and CFO/COO at Bitcoin app Relai, shares his transformation from TradFi professional to Bitcoin maximalist. With a background in economics, banking, risk management, and regulatory compliance—including frontline exposure to post-2008 regulations—Thomas unveils how the inefficiencies and bloat in the financial system drove him toward Bitcoin. He recounts the Kafkaesque complexity of European regulations, calling them unsustainable and proof of systemic fragility.
Jeegers discusses Bitcoin’s decentralization as blockchain’s only real use case, rejecting altcoins due to flawed incentive structures. He traces his academic roots in complementary currency theory—citing Swiss WIR and postwar Austrian experiments—to explain Bitcoin as a resilient monetary alternative. The episode dives deep into monetary pluralism, contrasting the euro’s original intent as a parallel currency versus its imposed monopoly, and explains how Bitcoin offers antifragility, censorship resistance, and monetary competition.
Finally, he outlines Relai’s growth and mission to deliver permissionless, self-custodial Bitcoin to underserved populations, while navigating MiCA compliance hurdles. The episode uniquely blends insights into monetary history, Bitcoin’s macro impact, complementary currency theory, CBDCs, regulatory barriers, and the moral urgency of decentralized finance.
