In this episode, Alyse Killeen discusses bitcoin's presence at the Bloomberg Invest Summit and its connection to AI, including insights from Jeff Booth’s thesis. She examines the positive feedback loop between AI and the Lightning Network, comparing it to other bitcoin Layer 2 solutions. Alyse also touches on Fold’s SPAC, her motivation for founding Stillmark, and the regulatory challenges facing bitcoin and bitcoin startups. She shares her thoughts on educating politicians about bitcoin, the future of Taproot assets, and how startups should navigate bitcoin’s volatility. The episode concludes with a discussion on the most underrated bitcoin products and how to balance between holding bitcoin and investing in bitcoin startups.

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TIMESTAMPS:

00:00:00 Intro

00:01:43 Bitcoin at the Bloomberg Invest Summit

00:05:45 Bitcoin, LLMs, and generative AI

00:08:04 Jeff Booth thesis + AI

00:11:26 AI and Lightning positive feedback loop

00:15:58 Lightning vs other bitcoin L2s

00:19:20 Fold’s SPAC and bitcoin VC

00:21:15 Why did you found Stillmark?

00:23:49 Regulatory hurdles for bitcoin or bitcoin startups?

00:28:27 Educating politicians on bitcoin vs crypto

00:30:55 What’s the biggest challenge for bitcoin startups?

00:33:29 Taproot assets

00:36:51 Credit cards vs Lightning decades from now

00:39:59 Should bitcoin startups operate differently because of bitcoin volatility?

00:42:07 Most underrated bitcoin product or service

00:47:28 Holding bitcoin vs investing in bitcoin startups

00:56:23 Closing thoughts

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→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Alyse Killen’s Twitter: https://x.com/AlyseKilleen

In this episode, James Lavish discusses the potential of bitcoin against the current fragile financial system. He starts by explaining why bitcoin is short the current world and long a new world. James examines how weak leadership can create challenging times and its impact on financial cycles. He explores the next wave of institutional adoption and whether Wall Street still laughs at bitcoin. Emphasizing the need for critical thinking, James questions if excessive economic stimulus actually slows bitcoin adoption. He speculates on bitcoin's potential value, considering $10 trillion, $100 trillion, or $1,000 trillion scenarios. The episode also covers how long he thinks the market can fall and analyzes the national debt, and what it means for America and bitcoin.

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TIMESTAMPS:
00:00:00 Intro
00:01:10 Bitcoin—short the current world and long a new one
00:05:00 Weak men create hard times
00:06:34 Institutional cycle—next wave of adoption?
00:15:39 Does Wall Street still laugh at bitcoin?
00:20:15 Bitcoin requires critical thinking
00:29:38 Does extreme stimulus actually slow bitcoin adoption?
00:34:30 What’s the endgame for bitcoin? $10T, $100T, $1,000T+?
00:37:50 How long will this market crash last?
00:39:35 National debt–something is wrong, but what?
00:46:43 Will the transition from a fiat standard to bitcoin standard be smooth?
00:48:29 What’s something you believe that most bitcoiners would disagree with?
00:50:20 What is the biggest risk to bitcoin?
00:52:25 Closing thoughts

WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
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→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Caitlin Long’s Twitter: https://x.com/jameslavish

In this episode, Caitlin Long analyzes bitcoin businesses under the Biden Administration. She begins with her reasons for building Custodia and the importance of opening banking to all industries. Caitlin critiques the SEC's recent court losses and explores Custodia's efforts to obtain a master account at the Federal Reserve, contrasting Custodia's approach with the Federal Reserve's stance. The discussion moves to Operation Choke Point 2.0, the future of banking, and whether de-banking is a subtle attempt to ban bitcoin and crypto. Caitlin shares her thoughts on the surprise of ETF approvals and the more unknown risks of centralized exchanges. She speculates on the products banks might offer once they enter the bitcoin space and the impact of rehypothecation on bitcoin's price.

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TIMESTAMPS:

00:00:00 Intro

00:01:26 Why did Caitlin build Custodia?

00:02:43 Opening banking to all industries

00:04:26 SEC continues losing court cases

00:05:46 Master account at the Federal Reserve

00:11:49 Custodia vs Federal Reserve

00:16:13 Operation Choke Point 2.0

00:21:05 Future of banking?

00:22:50 Is de-banking a roundabout way to ban bitcoin and crypto?

00:30:38 How surprising were the ETF approvals?

00:35:54 Unknown risk of centralized exchanges

00:38:50 When banks come what products will they offer?

00:43:08 Does rehypothecation affect the price of bitcoin?

00:46:37 Banking industry endgame–fractional reserve vs full reserve?

00:52:35 Are you surprised Tether never died?

00:57:00 What is the biggest risk to bitcoin?

01:00:12 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Caitlin Long’s Twitter: https://x.com/CaitlinLong_

In this episode, Brian Brookshire provides a comprehensive analysis of MicroStrategy’s bitcoin acquisition strategy. He begins with his background in fintech product marketing, including experiences at Stanford and in Asia. Brian explores MicroStrategy's use of convertible debt to accumulate more bitcoin per share, evaluating the marginal returns and looking back at the NAV discount in 2022. He discusses the risks of MicroStrategy as a bitcoin yield vehicle, potential new products, and future acquisitions. The conversation compares spot bitcoin to spot MSTR and considers whether other companies will soon follow MicroStrategy's lead. Last, Brian dives into his perspective on the stock-to-flow and power law models.

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TIMESTAMPS:

00:00:00 Intro

00:01:11 Brian’s background—Stanford, Asia, and fintech product marketing

00:02:49 MSTR’s bitcoin convertible debt strategy

00:12:08 Accumulating more bitcoin per share

00:15:26 Marginal returns on increasing bitcoin per share?

00:18:27 MSTR’s NAV blowing out?

00:19:41 MSTR’s NAV discount in 2022

00:21:50 MSTR as bitcoin yield?

00:22:48 MSTR new products and potential future acquisitions

00:24:12 Spot bitcoin vs spot MSTR

00:25:49 Will other companies finally follow MSTR?

00:30:08 S2F, power law, and the models

00:32:00 What’s the biggest risk to bitcoin?

00:34:44 What’s something you believe about bitcoin that many bitcoiners would disagree with?

00:35:26 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Brian Brookshire’s Twitter: https://x.com/btc_overflow

In this episode, Nik Bhatia provides a comprehensive analysis of current market conditions, starting with an overview of the macroeconomic landscape and its implications for various assets, including bitcoin. He explores bitcoin's potential performance under different macro scenarios and examines whether broken monetary systems actually hinder bitcoin adoption. The discussion extends to global liquidity trends and their impact on bitcoin, insights into the efficiency of markets, log bitcoin charts, and academic perspectives. Bhatia also identifies potential catalysts for the next wave of bitcoin adoption and debates whether paper bitcoin is suppressing its price.

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TIMESTAMPS:

00:00:00 Intro

00:01:57 Macro—where do you see markets right now?

00:06:47 How will bitcoin perform in various macro conditions?

00:10:56 Does broken money actually slow bitcoin adoption?

00:15:12 Global liquidity and bitcoin

00:26:10 Efficient markets, log bitcoin chart, and academics

00:30:54 Catalyst for next adoption wave

00:35:17 Is paper bitcoin suppressing the price?

00:45:10 Does bitcoin weaken or strengthen the Dollar over the next decade?

00:49:00 What’s it like teaching young people about bitcoin?

00:49:51 What’s something you believe that most bitcoiners would disagree with?

00:50:09 What’s the biggest risk to bitcoin?

00:50:35 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Nik Bhatia’s Twitter: https://x.com/timevalueofbtc

In this episode, Andrew Bailey, author of Resistance Money, explores the philosophical foundations of bitcoin and its role as resistance money. He discusses the need for resistance in today's socio-economic landscape, who benefits from it, and why he wrote another bitcoin book. Andrew argues for bitcoin's adoption based on more widely held beliefs and examines its value in a censorship-free world. He addresses the role of privacy, bitcoin's future, and the importance of self-custody versus centralized custody. The conversation also covers the ossify versus non-ossify debate, personal reputational risks, its political impact, and its biggest risks.

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TIMESTAMPS:

00:00:00 Introduction

00:01:24 What is Resistance Money?

00:02:17 Andrew’s philosophy background

00:04:46 What do people need to resist?

00:07:52 Who needs resistance money?

00:10:58 Why write another bitcoin book?

00:12:38 Arguing for bitcoin from more widely held beliefs

00:14:37 Is bitcoin valuable if there is no censorship?

00:15:47 How does philosophy help us understand bitcoin?

00:19:49 Bitcoin as an alien technology drop

00:21:36 What’s the role of privacy and money?

00:23:32 Can there be too much privacy?

00:27:05 Bitcoin is a new tool in today’s reality

00:28:00 Where is bitcoin in a decade?

00:31:59 How can we accelerate self-custody adoption?

00:33:55 What’s the concern with centralized custody?

00:37:35 Ossify vs not ossify fork

00:42:56 Risking your reputation talking positively about bitcoin?

00:46:23 When will bitcoin become not fringe?

00:48:53 How might bitcoin transform politics?

00:52:46 Biggest risk to bitcoin?

00:55:27 What’s something you believe about bitcoin that many bitcoiners would disagree with?

00:56:45 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

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→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Andrew Bailey’s Twitter: https://x.com/resistancemoney

→ Andrew’s book: https://www.resistance.money

In this episode, former 12x USA national mountain bike champion and Olympian Jeremy HK Nova shares his journey from the trails to bitcoin. He reflects on life lessons, proud achievements, and the evolution of mountain biking globally and in the US. Jeremy discusses his transition from professional racing, discovering bitcoin, and his interest in macroeconomics. He explains why he sold his rental properties for bitcoin and why extreme sports athletes should start embracing bitcoin. The conversation explores exercise science misconceptions, Jeremy's bitcoin pitch to mountain bikers, and bitcoin's impact in El Salvador. Jeremy also talks about his work at Studio Shed, demonetizing real estate, and his unique views on bitcoin.

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TIMESTAMPS:
00:00:00 Introduction
00:01:20 Jeremy’s journey into professional mountain biking
00:04:20 Mountain biking and life
00:05:35 Most proud mountain biking achievement?
00:07:10 Various mountain biking disciplines
00:08:19 Living in the olympic athlete village
00:09:22 How big of a sport is mountain biking?
00:10:29 Evolution of professional mountain biking
00:12:55 How big is professional mountain biking in the US?
00:13:23 Post-professional mountain biking
00:16:12 Jeremy discovering bitcoin
00:20:06 Why interested in macro, finance, and economics?
00:21:45 Selling rental properties for bitcoin
00:24:06 Extreme sport athletes earning bitcoin
00:26:00 Bitcoin and extreme sports counter culture
00:28:36 Exercise science and bitcoin–what else are experts wrong about?
00:30:09 Are athletes more likely to have a healthy skepticism?
00:30:50 Jeremy’s bitcoin pitch to other mountain bikers
00:34:42 Bitcoin in El Salvador
00:37:51 Spouses and bitcoin
00:41:36 Do other pro athletes earning bitcoin really understand bitcoin?
00:42:27 Other pro mountain bikers deep into bitcoin?
00:42:50 How else can bitcoin help pro athletes?
00:45:35 Jeremy’s day job at Studio Shed
00:47:05 Demonetizing real estate
00:50:27 What’s the biggest risk to bitcoin?
00:52:23 What’s something you believe about bitcoin that many bitcoiners would disagree with?
00:54:09 Closing thoughts

WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Jeremy HK Nova’s Twitter: https://x.com/JeremyHK

In this episode, Ray Kamrath, Chief Commercial Officer of Bakkt, shares his journey from Wall Street to embracing bitcoin. Starting with a light-hearted recount of riding scooters and breaking his arm in Austin, Ray narrates his first encounter with bitcoin and the concept of sound money. He contrasts gold and bitcoin, explains his decision to join Bakkt, and he explores the potential for an institutional driven bull market. Ray offers insights into political interactions with bitcoin, valuation methods, and a potential monetary reset. The discussion also covers collaborative custody, differentiating bitcoin from other cryptocurrencies, and Bakkt's future trajectory.

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TIMESTAMPS:

00:00:00 Introduction

00:01:20 Who is Ray Kamrath?

00:02:38 Riding scooters and breaking arms in Austin

00:03:36 Ray first hearing about bitcoin

00:07:50 Talking about sound money on Wall Street

00:10:37 Gold vs bitcoin

00:11:36 Why join Bakkt?

00:16:15 An institutional-driven bull market

00:22:20 Government and bitcoin

00:24:39 How do you value bitcoin?

00:27:20 Monetary reset–what does it look like?

00:31:30 Which countries will influence the market most?

00:38:30 Collaborative custody and a network of keys

00:42:18 Bitcoin vs crypto

00:45:47 Where is Bakkt in 5 years?

00:47:10 Where is bitcoin in 5 years?

00:48:54 Passive flows, MSTR, and bitcoin

00:50:41 What’s something you believe that most bitcoiners would disagree with?

00:51:47 What’s the biggest risk to bitcoin?

00:53:59 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Ray Kamrath’s Twitter: https://x.com/Ray_Kamrath

→ Bakkt’s Twitter: https://x.com/Bakkt