We sat down at Bitcoin 2025 with Aly Madhavji, Managing Partner at Blockchain Founders Fund, to unpack the tension between a decentralized vision and the new wave of centralized ETF custody. Aly explains why hyper centralization raises seizure risk, how proof of reserves should evolve, and why shorting dynamics get easier when institutions hold the keys. We also dig into lessons from the gold bans of the past, the US policy sentiment shift, and why builders should target real users instead of casino token plays. What you will learn:• Bitcoin ETFs, custodians, and the centralization trap• Why government policy shifts matter, with parallels to gold restrictions• How institutional lending can fuel short pressure• Decentralization that users do not notice, like Roundtable’s Miss World app and on-chain media• Real world impact, USDC remittances and microfinance in emerging markets• BFF’s early stage thesis, 10 year fund horizon, and hands-on help for founders• Founder playbook, 11 30 90 pitch, how to get fast feedback, and spend investor money responsibly Featured guest: Aly Madhavji, Blockchain Founders Fund, CryptoKnights on Prime Video, UN consultant, Senior Blockchain Fellow at INSEAD. Subscribe for more interviews with investors, builders, and policy voices shaping the next chapter of Bitcoin and open finance.