Every credit system eventually gets tested by one question: Is the collateral actually there—present, liquid, and available when the borrower cannot perform?

Bitcoin as Collateral examines why collateral quality sits at the foundation of every credit system and what happens when liquidity, leverage, custody, and counterparty structures fail under stress.

Jacob Asparian argues that Bitcoin should be understood not primarily as currency or speculation, but as a new form of collateral. Its independent verifiability, continuous liquidity, transferability, fixed supply, and reduced counterparty dependency give it characteristics that distinguish it from traditional collateral.

The book examines the failures exposed in traditional credit markets and digital-asset lending and explains how properly structured Bitcoin-backed lending can address those weaknesses through conservative loan-to-value ratios, segregated custody, transparent monitoring, and anti-rehypothecation discipline.

This is not an argument that Bitcoin eliminates risk or volatility. It is an examination of how credit systems can be structured around those risks.

Written for capital allocators, credit professionals, CFOs, treasurers, family offices, and investors responsible for protecting and deploying capital, Bitcoin as Collateral presents a framework for understanding Bitcoin-backed credit as a structural evolution in collateral and private credit infrastructure.