From Fold to Mezo: Matt Luongo’s Vision for Bitcoin’s Future
Staff Writer • 2024-11-08
In a world where the crypto space shifts faster than trends on TikTok, Matt Luongo, CEO and founder of Thesis, is quietly reshaping the Bitcoin narrative. As a guest on the Stonks Go Moon podcast, hosted by South Africa’s own Rocco Strydom, Luongo took listeners on a journey through his company’s history, Bitcoin’s evolution, and why the future of decentralized finance might be simpler than we think. Building a Bitcoin-First Ecosystem Thesis wasn’t always the venture studio powerhouse it is today. Back in 2014, it started with Fold, a Bitcoin rewards app that seemed more like a gamble than a business in a pre-mainstream crypto world. Fast forward a decade, and Fold is gearing up to go public on NASDAQ. “Fold is essentially the checking account for your Bitcoin,” Luongo explained. Users can deposit paychecks, convert them into Bitcoin, and even spend their BTC with a debit card—all while earning rewards. It’s Bitcoin-first, but practical for everyday use. “One day, I hope people will take out mortgages against their Bitcoin rather than against the homes they’re buying,” Luongo mused, hinting at a radical shift in how financial systems could operate. From Savings to Payments: Rethinking Bitcoin’s Role Bitcoin’s role in finance has evolved dramatically since its inception. Luongo acknowledges that early adopters envisioned it as a payments layer, but rising transaction fees and cultural shifts redefined it as a savings-first tool. “Bitcoin didn’t change—we changed how we think about it,” Luongo said. While payment use cases might take center stage in the future, he believes the current focus on savings and censorship resistance lays the foundation for Bitcoin’s next phase: collateral and broader financial applications. Introducing Mezo: The Bitcoin Layer 2 Solution The real showstopper was Mezo, Thesis’ latest Bitcoin Layer 2 project designed to bridge the gap between Bitcoin maximalists and the DeFi crowd. Unlike Ethereum or Solana, which require users to navigate complex ecosystems, Mezo aims to keep things simple. “You shouldn’t have to learn about 3,000 other assets or download a new wallet,” Luongo argued. Meso offers a space for Bitcoiners to extend their financial lives on-chain without straying too far from their Bitcoin roots. This simplicity could be key as the crypto market matures. With ETFs bringing institutional money into Bitcoin, Luongo believes the next wave of adopters won’t be interested in the fragmented ecosystems of smaller altcoins. “Instead of trying to convince our grandparents to download MetaMask, we can bring them on-chain through Bitcoin-focused solutions.” BitcoinFi Accelerator: Sparking Innovation on the Original Blockchain Thesis isn’t just building products; it’s fostering a movement. The BitcoinFi Accelerator, launched in partnership with Boost VC and Tim Draper, is a direct response to the brain drain from Bitcoin to other chains. The goal? Bring bold ideas like decentralized Uber back to Bitcoin. With over 125 stellar applications, Luongo is optimistic. “We want to see audacious projects that Ethereum and Solana have been dominating brought back to Bitcoin,” he said. It’s a bold vision, but one Luongo is uniquely positioned to execute. Rethinking Wallets and the Future of Crypto Fragmentation in the crypto world has led to inefficiencies that alienate users. For Luongo, the solution lies in reimagining wallets to unify disparate systems. “We’re expecting a reset,” he predicted. As Bitcoin continues to dominate in value and reputation, he believes it will naturally attract more users and developers, leaving other chains to adapt or fade. A Decade of Building and Learning For Luongo, Bitcoin’s resilience lies in its apolitical, unchanging nature. “It doesn’t care what we think,” he said, highlighting its ability to serve as money for people who fundamentally disagree with each other. As Thesis continues to innovate, it’s clear Luongo sees Bitcoin as more than just an asset—it’s a platform for financial transformation. In a space often driven by hype, Luongo’s methodical approach stands out. Whether through Fold, Mezo, or the BitcoinFi Accelerator, Thesis is proving that Bitcoin’s best days might still lie ahead.
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