Fixed-Incomization of Bitcoin – From Exter’s Pyramid to a Bitcoin-Based Credit System

Fixed-Incomization of Bitcoin: From Exter’s Pyramid to a Bitcoin-Based Credit System outlines how Bitcoin’s next phase may be less about adoption and more about integration into the macro-financial system through collateral and credit creation. It argues that as Bitcoin becomes embedded in balance sheets, the market’s focus shifts toward converting yield-seeking capital into structural, long-duration Bitcoin exposure, with Bitcoin increasingly treated as “cold money” alongside stablecoins as “hot money” for everyday circulation.

Authored by Sebastien Guglietta, Head of Asset Management, Laser Digital Asset Management, the paper draws an analogy to gold-based banking and uses Exter’s inverted pyramid to explain why placing Bitcoin at the base could enable a new credit architecture. It then explores the “fixed-incomization” dynamic: capturing Bitcoin’s finite and relatively illiquid float to produce yield, potentially amplifying reflexivity via a Bitcoin “multiplier” effect as fixed income style capital allocates into Bitcoin-based yield structures.

Read the Full Research: Here