Bitcoin’s Volatile Dominance with Cory Klippsten | SLP677
Stephan and Cory discuss the current trends in Bitcoin and cryptocurrency, focusing on the dynamics of altcoins, the emergence of treasury companies, and the implications of regulatory changes. They explore the long-term outlook for Bitcoin, the role of mining companies, and the potential for institutional adoption. The discussion emphasizes the importance of understanding the market landscape and the various strategies for investing in Bitcoin and related assets.Takeaways🔸Altcoins generally trend down against Bitcoin over time.🔸Treasury companies are gaining attention for their potential returns.🔸Bitcoin remains the safest long-term store of value.🔸Leverage in Bitcoin equities can enhance returns but comes with risks.🔸Mining companies face challenges in capital markets compared to Bitcoin equities.🔸Regulatory changes may impact the landscape for Bitcoin and crypto.🔸Institutional adoption is crucial for the future of Bitcoin.🔸Understanding the market dynamics is essential for investors.🔸Not all companies will achieve institutional scale in Bitcoin investment.🔸Every business can benefit from holding Bitcoin on their balance sheet.Timestamps:(00:00) - Intro(01:51) - Is it a season of altcoins or Leveraged Bitcoin Equities (LBEs)? (04:27) - Bitcoin’s dominance & reducing volatility vs LBEs(10:54) - Can Strategy use MSTR to pay for the obligations of preferred share offerings? (13:30) - The role of Convertible Debt and Preferred Shares(18:43) - Are LBEs sustainable? (21:56) - Sponsors(23:46) - What are the jurisdictional advantages of various LBEs?(28:56) - What is the future of Bitcoin accumulation strategies?(34:07) - Bitcoin mining companies vs. LBEs(38:40) - Sponsors(39:39) - Competition among the Bitcoin accumulators ( $NAKA, $SQNS etc.) (43:09) - The speculative attack arbitrage of LBEs(51:41) - Cory’s perspective on the recent crypto laws passed in DC(57:50) - Will the CLARITY act help the open source devs? (1:01:01) - Closing thoughtsLinks: https://x.com/coryklippsten Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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Cove Wallet: Keeping it on chain and simple with Praveen Perera | SLP676
Praveen discusses the user experience of setting up a Bitcoin wallet, emphasizing the need for improved onboarding for new users. He explains the flow for both hardware and hot wallets, highlighting the importance of personal responsibility in Bitcoin custody. The discussion also covers the concept of graduated wallets, the role of layer 2 solutions, and the ongoing debate about filters and mining centralization. Praveen shares his vision for Cove wallet, including future features and the importance of catering to users who prioritize self-sovereignty in their Bitcoin journey.Takeaways🔸The wallet setup process can be overwhelming for new users.🔸Improving onboarding flows is essential for user retention.🔸Personal responsibility is a core principle in Bitcoin custody.🔸Graduated wallets can help users transition from simple to advanced features.🔸Layer 2 solutions are still in a wait-and-see phase.🔸Miniscript and advanced features may become more popular in the future.🔸Filters in Bitcoin can lead to mining centralization issues.🔸Multiple implementations of Bitcoin software can enhance decentralization.🔸User feedback is crucial for developing wallet features.🔸Cove aims to be the best wallet for new users across all platforms.Timestamps:(00:00) - Intro(01:19) - Why did Praveen create Cove wallet?(05:59) - Comparing Cove wallet with other Bitcoin wallets(09:44) - Cove wallet’s business model (13:47) - Seeking feedback from users to improve the wallet (16:55) - Cove wallet setup flow(20:14) - Sponsors(26:54) - Should a user start with a graduated wallet? (30:07) - Differing views on Bitcoin custody; Self-sovereign approach to custody(39:04) - Are Layer 2 solutions fuelling the MoE qualities of Bitcoin?(47:11) - Bitcoin Treasury Companies (BTCTCs) (49:39) - Sponsors(51:08) - Praveen’s view on Bitcoin Core Vs Bitcoin Knots debate; The impact of filters on Bitcoin’s future (1:04:24) - Will there be alternative implementations of Bitcoin?(1:13:48) - Closing thoughts Links: https://x.com/covewallet https://x.com/praveenperera https://covebitcoinwallet.com/ Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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Does Bitcoin Need a New Narrative? with Fernando Nikolic | SLP675
In this conversation, Stephan Livera and Fernando Nikolic discuss the evolving narratives surrounding Bitcoin, the fragmentation of its community, and the role of media in shaping public perception. They explore the differences between institutional and retail adoption, the importance of cultural moments, and Blockstream's innovations in the Bitcoin space. The discussion highlights the challenges and opportunities for Bitcoin as it continues to grow and adapt in a rapidly changing landscape.Takeaways🔸Bitcoin adoption is now more about narrative convergence than mass conversion.🔸The Bitcoin community is becoming increasingly fragmented into subcultures.🔸Media coverage of Bitcoin is shifting, with some outlets pivoting to more positive narratives.🔸Cultural moments are crucial for Bitcoin's mainstream acceptance but are currently lacking.🔸Institutional adoption is growing, but retail participation is not as vibrant as before.🔸Bitcoin's future may depend on the ability to create new cultural moments.🔸Liquid is gaining traction as a useful layer for Bitcoin transactions.🔸The importance of memes in driving Bitcoin's cultural relevance cannot be underestimated.🔸Different ideologies within Bitcoin can coexist and contribute to its growth.🔸Blockstream is focusing on making Bitcoin more accessible to consumers.Timestamps:(00:00) - Intro(01:27) - The evolving narrative around Bitcoin(11:12) - Is Bitcoin winning?; Institutional vs Retail Adoption(17:30) - Cultural moments in Bitcoin over the years(27:00) - What is BTC Perception and why was it made?(31:44) - Are MSM & TradFi learning more about Bitcoin through Bitcoiners?(36:02) - Which media outlets are most hostile towards Bitcoin?; Q2 Bitcoin Perception report (45:45) - When is retail going to show up?; Will memes take us higher? (54:17) - What’s new with Blockstream?(58:05) - Is Liquid gaining traction in terms of adoption?(1:06:50) - Closing thoughts Links: https://x.com/basedlayerhttps://x.com/BTCPerceptionhttps://x.com/BlockstreamSponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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1:07:42
Are Bitcoin Treasury Companies Built to Last? with Marty Kendall | SLP674
In this conversation, Stephan Livera and Marty Kendall explore the dynamics of Bitcoin treasury companies, focusing on power laws, market dynamics, and investment strategies. They discuss the sustainability of mNAV greater than one, the lifecycle of these companies, and the importance of community engagement. The conversation emphasizes the need for risk management and the potential for significant opportunities in the Bitcoin equity space.Takeaways🔸Marty Kendall discusses the intersection of Bitcoin and treasury companies.🔸Power laws can help predict Bitcoin's growth trajectory.🔸The ballistic acceleration model offers insights into Bitcoin and MicroStrategy's performance.🔸Market dynamics influence the premium of mNAV over one.🔸Sustainability of mNAV greater than one is a key concern for investors.🔸Yield and market sentiment play crucial roles in investment decisions.🔸The lifecycle of Bitcoin treasury companies affects their long-term viability.🔸Investment strategies should consider risk management and market conditions.🔸Operational businesses may provide stability compared to pure Bitcoin plays.🔸Community engagement can significantly impact a company's market perception.Timestamps:(00:00) - Intro(01:33) - The correlation between Power Laws & Bitcoin Treasury Companies (BTCTC)(08:19) - How do you evaluate mNAV premium?; Sustainability of mNAV > 1 (16:48) - What are the indicators of a successful Bitcoin Treasury Company?; Market dynamics (19:00) - Sponsors(26:59) - The risks of mNAV erosion(35:00) - Lifecycle of Bitcoin Treasury Companies; Construction of a BTCTC portfolio(41:26) - Days to Cover mNAV explained(45:31) - The role of Bitcoin in banks of the future; survival of the fittest in BTCTCs(48:31) - Sponsors(50:18) - Operational Business vs. Bitcoin Accumulation; Long-term BTCTC strategies(59:29) - When will $MSTR moon?; Market perception & Bitcoin value(1:01:52) - Self custody Bitcoin vs BTCTCs(1:06:39) - Evaluating risks and opportunities in Bitcoin investmentsLinks: https://x.com/martykendall2https://microstrategist.com/Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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1:09:12
Can You Really Insure Your Bitcoin? with Becca Rubenfeld | SLP673
Becca Rubenfeld, COO and co-founder of Anchor Watch, discusses the evolution of Bitcoin insurance and custody. She shares her personal journey to Bitcoin, insights on the economic implications of national debt, and how Anchor Watch addresses the need for insurance in the Bitcoin space. The conversation covers the technical aspects of Bitcoin custody, the claims process, and the costs associated with insurance policies. Becca also highlights the importance of custom solutions for companies and the future of Bitcoin insurance in corporate adoption.Takeaways🔸Becca's childhood curiosity about national debt led her to Bitcoin.🔸Bitcoin insurance is essential for self-custody holders.🔸The evolution of custody technology is linked to the lack of insurance.🔸Anchor Watch aims to fill the insurance gap in Bitcoin.🔸Insurance policies are underwritten by Lloyds of London.🔸The claims process is separate from bankruptcy claims like Mt. Gox.🔸Time locks in Bitcoin custody enhance security.🔸Custom solutions are available for large companies.🔸Bitcoin insurance can help manage risks associated with volatility.🔸The future of Bitcoin insurance is tied to corporate adoption.Timestamps:(00:00) - Intro(01:16) - What drew Becca to Bitcoin?(06:40) - How has the Bitcoin custody landscape evolved over the years? (13:28) - Understanding Bitcoin Insurance & its challenges(17:44) - How does the claims process work?(21:50) - What scenarios does Bitcoin insurance cover?(24:22) - Sponsors (26:23) - What is the role of Miniscript & Timelocks in @AnchorWatch?(31:22) - Typical recovery layers in Anchor Watch (37:57) - What's the cost of bitcoin custody insurance?(39:24) - Bitcoin insurance for companies vs. individuals(43:06) - Transaction verification & Customer relationships(46:37) - What are the supported hardware wallets?; Recovery options (47:46) - Sponsors(52:56) - The challenges of Bitcoin-denominated insurance(59:32) - Bitcoin insurance for Bitcoin Treasury Companies (BTCTC)(1:07:15) - Who should use Anchor Watch?Links: https://x.com/BeccaAmileehttps://x.com/AnchorWatchhttps://www.anchorwatch.com/ Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
Join Stephan as he interviews the sharpest economic and technical minds in Bitcoin & Austrian Economics to help you understand how money is changing and evolving. Leading names in the world of Bitcoin join the show to share their insights, whether they are developers, CEOs, economists, authors, analysts and more.
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