TradFi’s Hidden Resistance to Bitcoin

In a wide‑ranging interview on TFTC: A Bitcoin Podcast, Ryan Lane, founder of Empery Asset Management, laid out what he describes as the “secret war” between traditional financial incumbents and Bitcoin’s institutional adoption. Lane, who transitioned from legacy finance to specialising in Bitcoin treasury strategies, told host Marty Bent that many established financial institutions publicly embrace Bitcoin’s narrative yet employ tactics that undermine its adoption when it threatens core revenue streams. 

A focal point of the conversation was MicroStrategy’s embrace of Bitcoin as a treasury reserve asset. Lane contended that certain banks and clearing agents altered margin requirements and financing terms abruptly — moves that he characterises as designed to inflict costs on MicroStrategy shareholders and to discourage other corporates from holding Bitcoin on their balance sheets. Although direct bank intent cannot be independently verified from public sources, the broader theme — that legacy firms are conflicted about Bitcoin’s disruption of deposit‑based business models — was emphasised throughout the discussion. 

Lane argued that many traditional players tout support for Bitcoin but calibrate credit, custody, and operational risk frameworks in ways that protect entrenched profit pools rather than facilitate fair market access. According to Lane, this strategic duality slows broader corporate and institutional adoption and reinforces Bitcoin’s perceived risk profile despite strong fundamentals and growing treasury use cases. 

On strategy, Lane explained that Bitcoin treasury allocations can make sense for companies with long‑term capital preservation goals, especially when implemented with disciplined liquidity management and hedging frameworks. He suggested that market participants must understand their operating horizons and risk tolerances before allocating significant BTC to production balance sheets. 

Perhaps most provocatively, Lane flagged sovereign adoption as a potential turning point for Bitcoin’s stabilisation as an asset class. He posited that establishing a strategic Bitcoin reserve or incorporating Bitcoin into national treasury strategies could force global treasuries to reassess the asset’s legitimacy and accelerate institutional acceptance. Such a shift would, in his view, blunt legacy resistance and anchor long‑term demand.

What the full episode here: