Dave Collum and Rudy Havenstein warn that a merged Fed-Treasury is eroding the middle class and driving markets toward an inevitable collapse.

Key Takeaways
-------------

![TFTC - Top Experts Warn Biggest Market Crash Coming Sooner Than You Think | Dave Collum & Rudy Havenstein](https://www.tftc.io/content/images/2025/08/Dave-Collum---Rudy-Havenstein.jpg)

Dave Collum and Rudy Havenstein argue that the Federal Reserve and U.S. Treasury have effectively merged, enabling reckless fiscal policy that fuels inflation, distorts housing, and deepens wealth inequality. They contend real inflation far outpaces official numbers, eroding purchasing power and locking younger generations out of homeownership. Financial illiteracy, predatory lending, and private equity exploitation compound the problem, while political leadership, across parties, protects itself through systemic cover-ups and selective justice. They distrust official narratives on major events, view the market melt-up as unsustainable, and believe the ruling class is steering the country toward social unrest and economic crisis.

Best Quotes
-----------

“The Fed is Congress’s drug dealer… they’ve acted as an agent of congressional profligacy since 2008.”

“If you think the boomers are going to transfer their wealth without it getting repriced, you’re out of your mind.”

“Half the country has been in a depression since 2008, and nobody cares about them.”

“Only the small secrets need to be protected. The large ones are kept secret by public incredulity.”

“There’s a two-tiered system of justice in this country, completely obvious to everyone except the Attorney General.”

“Cash is freedom… once they ban cash, they can monitor and control everything you do.”

“Quit looking for political saviors. The system will swallow them whole.”

“The gold guys and the Bitcoin guys are passengers on the same hijacked plane.”

“This movie is going to end badly… nothing goes on forever in this game.”

Conclusion
----------

The episode paints a picture of an economic and political system run for the benefit of a small, entrenched elite, with central banks, corporate power, and government acting in concert to maintain control while masking structural decline. Collum and Havenstein stress that real reform won’t come from party politics or elections, but from individuals building parallel systems to preserve financial sovereignty, share truthful information, and strengthen communities. In their view, the corruption is bipartisan, the problems systemic, and the eventual reckoning unavoidable.


Ashigaru Whirlpool is a ZeroLink coinjoin implementation designed to sever all deterministic links between inputs and outputs, ensuring enhanced bitcoin transaction privacy.

[Contribute to keep No Bullshit Bitcoin news going.](https://geyser.fund/project/nobsbitcoin)

*   The Ashigaru Open Source Project has released [Ashigaru Whirlpool](https://ashigaru.rs/news/announcement-whirlpool/), a version of Samourai Wallet’s Whirlpool, allowing users to join Zerolink coinjoins for enhanced Bitcoin transaction privacy.

> "This has been a huge undertaking and effort for the Ashigaru Open Source Project over the last 6 months, having to get familiar and comfortable with the extensive code base across multiple repositories. It is for this reason our development on Ashigaru mobile has been quieter and slower during this period, and for this we hope our users may now understand our justification as to why," was stated in a blog post.

*   Ashigaru Whirlpool retains the core coinjoin cycle design by Samourai’s TDevD, ZeroLeak, and OXT’s LaurentMT, with various protocol enhancements added by the Ashigaru Open Source Project.
*   Alongside the coordinator code, the [project has launched](https://ashigaru.rs/news/release-terminal-v1-0-0/) a desktop client terminal application (available on Linux, macOS, and Windows), forked from [Sparrow Terminal](https://www.nobsbitcoin.com/sparrow-wallet-v1-7-0/).

[![Ashigaru Whirlpool and Terminal v1.0.0 Released](https://www.nobsbitcoin.com/content/images/2025/06/image-6.png)](news/release-terminal-v1-0-0/)

Source: [Ashigaru blog.](https://ashigaru.rs/news/release-terminal-v1-0-0/)

*   Ashigaru Terminal is a non-custodial Whirlpool client that lets users join chosen pools, enhance their transaction anonymity, and retain full control of funds during coinjoin cycles, without needing a personal Dojo server.

![Ashigaru Whirlpool and Terminal v1.0.0 Released](https://www.nobsbitcoin.com/content/images/2025/06/ashigarupool.jpg)

**NOTE:** _The_ [_Ashigaru.rs_](https://ashigaru.rs/) _website is the official home of the Ashigaru Open Source Project. The project does not maintain a presence on social media, and all second-hand information should be verified against the content on the official website._

What's new
----------

*   **Tor-Only Implementation**: Ashigaru Whirlpool operates exclusively over Tor, preventing clearnet connections to protect against IP address linking and wallet clustering by malicious coordinators.
*   **Tor identity isolation** is built in to prevent coordinators from linking session IDs across coinjoin stages, ensuring user network anonymity.
*   **Enhanced decentralization strategy:** The Tor-only setup eliminates DNS dependency and hides coordinator locations, supporting rapid deployment of new instances.

> "Our coordinator has been further modularized by eliminating the dependency of RPC connections to a local full node. The coordinator can therefore be connected to any Dojo full node over Tor, enabling faster deployment and recovery, minimal hardware resource requirements, and greater jurisdictional flexibility."

*   **Anti-Sybil Measures**: An Anti-Sybil fee, fixed at 5% of pool size, is charged for Tx0 broadcasts to enter pools, with a cap of 20 UTXOs per Tx0 for added Sybil resistance.
*   **Vulnerability Fixes**: RSA keys for Chaumian blinding are not sent to clients, mitigating potential input-output linking risks and building trust as a new development team.
*   **Output Restrictions**: Multisig addresses are barred as mix-to outputs in coinjoin cycles to maintain anonymity and compatibility with post-mix tools like Ashigaru mobile and Sparrow.
*   **Code Improvements**: Numerous under-the-hood fixes and optimizations have been made to Samourai’s forked codebase, including updated dependencies, enhanced performance, and architectural adjustments.
*   **Ashigaru Terminal**: Forked from Sparrow, Ashigaru Terminal defaults to .onion Electrum servers for privacy, with options for private server connections via Tor or clearnet.
    *   Only native SegWit Whirlpool account paths are supported for hot wallets, with mandatory BIP39 passphrases; unsupported wallet types include Legacy, Wrapped SegWit, Taproot, and multisig scripts.
    *   Tx0 fee estimation targets next-block confirmation, advising users to wait for lower rates if block space competition is high.

> "Remote and automatic update of Tor URLs for connecting to both Ashigaru Whirlpool and for transaction broadcast using our “Hanzaki” feature will be coming in a future release," was stated in a blog post.

Quick guide
-----------

*   Check out this [quick overview](https://k3tan.com/ashigaru-whirlpool/) by _k3tan_ to learn how to use the new Ashigaru Terminal:

> "My advice is to take a measured approach to this. This is new software and there may still be bugs. Start small, get comfortable, then level up progressively. Don't expect mixes straight away. It's important to be patient. Randomness of time intervals between mixes plays a role in obfuscating chainalysis. You should find using the interface overall quite responsive," [writes](https://k3tan.com/ashigaru-whirlpool/) k3tan.

*   Ashigaru Terminal is optimized for use with Sparrow Wallet, Ashigaru Mobile, and Samourai Wallet. These wallets support Whirlpool's unique account derivation paths and include spending tools tailored to maintain privacy during transactions from the pool.

[![Ashigaru Whirlpool and Terminal v1.0.0 Released](https://www.nobsbitcoin.com/content/images/2025/06/image-7.png)](https://xcancel.com/_k3tan/status/1937124159588556916)

[**Blog Post (Terminal)**](https://ashigaru.rs/news/release-terminal-v1-0-0/) / [Archive](https://archive.is/7Iv0W)
[**Blog Post (Whirlpool)**](https://ashigaru.rs/news/announcement-whirlpool/) / [Archive](http://archive.today/OIL7T)
[Gitea Repository (.onion link)](http://ashicodepbnpvslzsl2bz7l2pwrjvajgumgac423pp3y2deprbnzz7id.onion/Ashigaru)
[**K3tan's Guide**](https://k3tan.com/ashigaru-whirlpool/) / [Archive](https://archive.is/PZgO9)
[Website](https://ashigaru.rs/)


Cake Wallet is an open-source, privacy-oriented multi-currency wallet available on Android, iOS, macOS, Windows (beta) and Linux.

[Contribute to keep No Bullshit Bitcoin news going.](https://geyser.fund/project/nobsbitcoin)

*   This release introduces Payjoin v2 functionality to Bitcoin wallets on Cake, along with several UI/UX improvements and bug fixes.
*   The [Payjoin v2 protocol](https://payjoin.org/) enables asynchronous, serverless coordination between sender and receiver, removing the need to be online simultaneously or maintain a server. This simplifies privacy-focused transactions for regular users.

> "I cannot speak highly enough of how amazing it has been to work with [@bitgould](https://x.com/bitgould) and Jaad from the[@payjoindevkit](https://x.com/payjoindevkit) team, they're doing incredible work. None of this would be possible without them and their tireless efforts. PDK made it so much easier to ship Payjoin v2 than it would have been otherwise, and I can't wait to see other wallets jump in and give back to PDK as they implement it like we did," [said](https://xcancel.com/sethforprivacy/status/1924815548543541711) Seth For Privacy, VP at Cake Wallet.

![Cake Wallet v4.28: Payjoin v2 Support](https://www.nobsbitcoin.com/content/images/2025/05/cakewalletv4040.jpg)

**How to started with Payjoin in Cake Wallet:**

1.  Open the app menu sidebar and click `Privacy`.
2.  Toggle the `Use Payjoin` option.
3.  Now on your receive screen you'll see an option to copy a Payjoin URL

![Cake Wallet v4.28: Payjoin v2 Support](https://www.nobsbitcoin.com/content/images/2025/05/image-9.png)

*   [Bull Bitcoin Wallet v0.4.0](https://www.nobsbitcoin.com/bull-bitcoin-wallet-v0-4-0/) introduced Payjoin v2 support in late December 2024. However, the current implementations are not interoperable at the moment, an issue that should be addressed in the next release of the [Bull Bitcoin Wallet](https://github.com/SatoshiPortal/bullbitcoin-mobile).

[![Cake Wallet v4.28: Payjoin v2 Support](https://www.nobsbitcoin.com/content/images/2025/05/image-11.png)](https://xcancel.com/francispouliot_/status/1924958880804589739)

*   Cake Wallet was [one of the first wallets](https://www.nobsbitcoin.com/cake-wallet-v4-18-0/) to introduce [Silent Payments](https://silentpayments.xyz/) back in May 2024. However, users may encounter sync issues while using this feature at present, which will be resolved in the next release of Cake Wallet.

[![Cake Wallet v4.28: Payjoin v2 Support](https://www.nobsbitcoin.com/content/images/2025/05/image-10.png)](https://xcancel.com/sethforprivacy/status/1924770756828831867)

What's new
----------

*   [**Payjoin v2**](https://payjoin.org/docs/how-it-works/payjoin-v2-bip-77/) implementation.
*   **Wallet group improvements**: Enhanced management of multiple wallets.
*   **Various bug fixes**: improving overall stability and user experience.
*   Monero (XMR) enhancements.

Learn more about using, implementing, and understanding [BIP 77: Payjoin Version 2](https://github.com/bitcoin/bips/pull/1483) using the `payjoin` crate in Payjoin Dev Kit [here](https://payjoin.org/docs/tutorials/receive-payjoin-v2).

[**Announcement**](https://njump.me/nevent1qqs2k8yn2s8eres7gzcnhkj36easy939jz3nddrm7wv7gkdvg93tjhcpz4mhxue69uhhyetvv9ujumt0wd68ytnsw43qyg8uq7ecmfs397lxe48qjwc90jldzzrfyuz3s9nn7vk46s82m6k5my4r5zne)
[**Blog Post**](https://blog.cakewallet.com/bitcoin-privacy-takes-a-leap-forward-cake-wallet-introduces-payjoin-v2/) / [Archive](http://archive.today/RpdxK)
[**GitHub Repo**](https://github.com/cake-tech/cake_wallet/releases/tag/v4.28.0)


Tuur Demeester reveals why Bitcoin is evolving into the world’s default collateral and explains how much BTC investors may need to retire securely in an inflationary era.

Key Takeaways
-------------

![TFTC - Bitcoin Expert REVEALS The Exact Amount of BTC You Need to Retire | Tuur Demeester](https://www.tftc.io/content/images/2025/08/Tuur-Demeester.webp)

Tuur Demeester argues that Bitcoin is entering a new phase as pristine collateral, driving longer and less volatile cycles while drawing capital away from bonds, real estate, and gold. Inflation running 10–15%, deficits above Great Depression levels, and rising institutional adoption make Bitcoin both a hedge and a generational wealth vehicle. He recommends allocations ranging from 5% as “insurance” to 20–50% for those seeking early retirement, stressing discipline in holding through volatility and secure custody via multi-sig. With millennials priced out of housing and sovereign adoption rising, Bitcoin is steadily evolving into the cornerstone of a fairer, more resilient monetary order.

Best Quotes
-----------

“Bitcoin as pristine collateral really sees its day.”

“As an asset class matures, it should get less volatile over time and we should have longer cycles.”

“Real inflation rates are somewhere between 10 and 15% for the dollar.”

“Adding just a little bit of Bitcoin all of a sudden changes the behavior of your entire portfolio.”

“Think about an amount that no matter what, you can hold for five years, even if it crashes 80 or 90%.”

“It’s very easy to imagine another 4x from here, or even a 10x.”

“If you’re a millennial priced out of housing, why not rent and own Bitcoin instead?”

“One kilogram of gold has been Bitcoin’s resistance for years. Eleven kilograms is the next magnet.”

“With AI, social hacks are increasing by an order of magnitude. Multi-sig isn’t optional anymore.”

“Bitcoin retools monetary energy into a force for peace, scarce, incorruptible money that protects families across time.”

Conclusion
----------

Demeester’s analysis frames Bitcoin as more than a speculative asset, it is becoming the system’s default collateral and a practical hedge against fiat debasement. Whether used to preserve wealth, accelerate retirement, or provide financial freedom in nations under monetary stress, Bitcoin’s trajectory reflects growing institutional trust and individual adoption. With longer cycles, stronger fundamentals, and increasing global relevance, it is steadily transforming into the backbone of a new monetary era.

Timestamps
----------

0:00 - Intro
1:09 - Proto Rig and bull markets
5:33 - Tuur's new report
7:59 - On chain data
11:01 - Change in cycles and Mark Hart principles
17:05 - Bitkey & Opportunity Cost
18:44 - Pristine collateral
22:16 - Global macro
25:08 - Bitcoin/gold
31:25 - Unchained
32:11 - BTC treasury companies
41:25 - Bitcoin/commodities
49:57 - Real estate/commodities
54:12 - Banking consolidation & bitcoin backing
1:17:34 - Allocation strategies

Transcript
----------

(00:00) If you're thinking about reducing the age of retirement, you could consider 20 to 50% of your assets invested in Bitcoin. If you have more risk appetite, you can still stay in Bitcoin. You go to the treasury companies. It turns into a mania. And we had new treasury companies launching, buying stock in other treasury companies.
(00:18) And it's very easy to imagine another 4x from here or even a 10x. People are like, "No, Bitcoin couldn't be worth more than all the gold in the world." And of course, you and I think, well, of course it can. The money printing is not going away. It's probably likely to increase from here. Those are numbers higher than the Great Depression. You can see that we're in a bull market.
(00:33) If you look at what the whales are doing, they are moving some coins. As an asset class matures, it should get less volatile over time and we should have longer cycles. This is the cycle where Bitcoin has pristine collateral really sees its day. With the Bitcoin strategy companies, we're seeing that kind of on steroids.
(00:53) You used to be able to borrow $40 for every $100 worth of Micro Strategy stock. Now all of a sudden, you have to put up 20x overcolateralization. Now, if we have another crash, everybody is assuming bailouts, stagflation, that that's the decade that we're in. It's like a dead horse. Like, you can pump adrenaline into it all you want, but it's dead.
(01:14) How do you compete with Bitcoin, you know? It's just tur turo. Oh, how the tables have turned. You're sitting in a a seat that I dearly miss. Oh, yes. You're the one who's being grilled today. I don't I don't know if I could take a grilling today. It's been a long travel day. It's a good one. Yeah. And and I got Logan here in my corner, so he he's going to like slip me those uh those questions, the uncomfortable questions to ask.
(01:38) You you'll find that he's not very helpful in that regard. He's uh he he he just puts that I'm kidding, Logan. I'm kidding. Very helpful. If you have if you have hard-hitting questions for me that you want to pass to Tur, make sure you do it. He's he's already doing it in like sign language. We we got this thing going.
(01:56) H it's a great way to end a week. I'm happy that uh I know my flight was a little delayed. Uh as I was telling you, might as well tell the audience audience too. I'm getting back from Georgia where Blocks uh proto team, their proto mining team unveiled their Bitcoin mining rig called the rig and their fleet software.
(02:17) It was a really good event. really good day for Bitcoin I think as somebody's been in the mining industry and I think it's been a bullish week overall uh not only the proto mining event but we had Baltic Honeybadger conference where the ARC second layer protocol is being tested out um with the BTC pay server merchants went swimmingly. Wow, that's awesome. I've heard great things about ARC.
(02:42) So yeah, I'm I'm curious to learn more. Yeah. So, this is like on the tech side. Obviously, a lot of people are focused on Bitcoin treasury companies, what's happening on Capitol Hill, which I'm sure we'll touch on in this discussion, but just like set up this discussion, like I'm incredibly bullish, uh, particularly having seen what I saw this week in person and observing what was going on in other parts of the world.
(03:12) and not my bullish for the those reasons, but you've done something that you haven't done and you're how long you've been writing reports for Adamant. Did you start in 2012 or 2013? I I chose the adamant name back in early 2015. So, the first report was Yeah. like April 2015 or something. Okay. So, it's 10 years. Yep. Yep. and and historically whenever you've written a report, it's been in the depths of the bare market and you have a a very uh phenomenal way of releasing your reports right when the price seems to hit a hit a local bottom. Yeah, I start writing when I feel sick and I usually publish right around the
(03:49) time when I'm starting to feel better and uh that that's worked out well. um sick in the sense that I feel like I'm so bullish and that the the market is just so despondent and just doesn't care anymore and that that's usually the motivation. But yeah, so this time around it felt like I it is a little bit similar only in the sense that I think I still I disagree with the market.
(04:23) I'm just seeing a lot of people that are like, well, they're just not very bullish, you know, and I I'm like, what what's happening? Like you guys, retail is like nowhere to be seen. I think like I'm starting to feel like some friends and family like for the first time now that we're really at new all-time highs, but but that's not a exuberance uh indicator to me. That's just the beginning of public participation to me.
(04:49) So, felt like a good time to, you know, uh, revise the report cuz it's been 2 years since, uh, my last report, uh, which I think was like, what was it? April, April or May 2023. Mhm. I think it was like $27,000 Bitcoin. And the one of the one of the price targets was like, hey, we think this is going to go to 120,000 and beyond.
(05:12) So, now we hit 120. So, that also felt like a good time to to um yeah, just look at the report again and and reissue it. Uh it's not a complete rewrite, but the significant parts I I just, you know, I I like pulled out entire things and I I plugged in new parts that were just completely updated. Yeah.
(05:37) So, let's jump into it cuz I feel like I have the same feeling where even though we're what $7,000 give or take away from all-time highs which were hit earlier this week, people are somewhat bearish in my mind. I don't think I think uh despite the fact that Bitcoin is up massively over the last two years since you uh wrote the original version of this report, we're up 100% 103% in the last year.
(06:04) And if you go back to May 2023 when you wrote the first version, we were hovering around 26,000. So up almost 5x from there, a 6 6x uh 6 1/2x from there. So a 6 and a half return and yet people are still bearish which is fascinating um considering all the tailwinds that we have at our backs right now.
(06:34) But you wrote a 23page report um released it with adamant and unchained. And so what did you feel was most necessary to revise and remind people of at this point in the cycle? Yeah, the the revising I felt like the global macro picture has changed, you know, not fundamentally, but the numbers are different. Uh I think it's more clear where we're going. I think inflation is really ahead.
(07:01) It's already happening. I think we're real inflation rates are somewhere between 10 and 15% for the dollar. So it means like you know we have a every year it's losing 10 to 15% in value. Um and uh and and at the same time we have a lot more regulatory clarity. So we have a very kind of pro- Bitcoin administration which uh was not the case back when I wrote the report.
(07:27) Uh I don't think the ETFs had even dropped yet when No, they hadn't when uh the report was published. And then I think the nation state ado


White Paper Studio uses Bitcoin-backed financing to give investors steady returns while enabling indie filmmakers to create original stories free from compromise.

Key Takeaways
-------------

![TFTC - How a MicroStrategy CopyCat is Using Bitcoin to Disrupt this $86B Industry | Ali Webb & Carlos Flores](https://www.tftc.io/content/images/2025/08/Ali-Webb-and-Carlos-Flores.jpg)

Carlos and Ali, founders of Forager and White Paper Studio, are using a Bitcoin-backed financing model to solve indie filmmakers’ biggest challenge, access to capital, while protecting creative independence. Inspired by Michael Saylor’s treasury strategy, they allocate a portion of raised funds into Bitcoin, using its growth over multi-year terms to repay investors 5–10% in dollars, attracting capital that wouldn’t normally touch film. This model shields artists from investor influence, supports original storytelling in an industry dominated by safe bets and sequels, and promotes transparency by making treasury and repayment performance public. They see AI as a useful tool for concepting but believe human creativity remains irreplaceable, envisioning a future where fully human-made films become a premium choice, funded by smarter, Bitcoin-enabled capital.

Best Quotes
-----------

_“Putting Bitcoin on our balance sheet… is the one thing that’s actually preserving our hard work in the long run.”_

_“We are in charge of repaying the investor with our Bitcoin strategy and you guys can just focus on the art… They have no say over the creative.”_

_“Our early investors didn’t even care so much about the films… They could just park it here and get a better yield.”_

_“There’s less funds going around for risky original IP… It feels like a race to the bottom.”_

_“There’s no children’s movies these days that actually have real people… It’s all animated stuff.”_

_“There was a cool trend of betting on artists with great vision… That kind of risk-taking doesn’t exist as much anymore.”_

_“It’s a great tool… but it’s not a magic bullet.”_

_“An entirely human production in the future might be like shooting on film now… something authentic and special.”_

Conclusion
----------

White Paper Studio’s Bitcoin-backed funding model could quietly transform independent film financing, offering investors steady returns while freeing creators from the commercial constraints of traditional funding. By combining financial resilience, creative autonomy, and transparency, it challenges Hollywood’s risk-averse culture and supports the revival of bold, original storytelling. In a time of AI disruption and shrinking budgets, it shows how Bitcoin can preserve and empower human creativity, potentially sparking a renewed era of risk-taking and authenticity in cinema.

Timestamps
----------

0:00 - Intro
0:36 - The story of Forager
8:11 - Small world for Marty
10:48 - Whtppr and the indie film capital problem
19:04 - Bitkey & Opportunity Cost
20:43 - Mechanics of the bitcoin fund
27:36 - Defining success for Whtppr
30:25 - Unchained
31:12 - Bringing back what’s been lost
42:12 - Upcoming short films
44:34 - AI content
56:46 - Wrapping

Transcript
----------

(00:00) We took a lot of inspiration from Sailor. Our early investors, they didn't even care so much about the films. They were just kind of like, "Oh, I have mutual funds giving me this. I could just park it here and I get a better yield." It is causing the industry to contract. Putting Bitcoin on our balance sheet for a germ, it is the one thing that's actually preserving our hard work in the long run because we still need great films that are telling human stories that are made by people with people.
(00:26) Film is perhaps one of the riskiest business you can get into as an investor. Carlos and Alli, welcome to the show. Thanks for having me. Thank you, Marty. This is uh I'm I'm happy to be speaking with you guys cuz it's a budding theme on this show.
(00:50) very small theme but a budding one and one that excites me because I think it's a a signal that that Bitcoin is breaking out of the bubbles, the community bubbles that have existed in my 12 years following. It seems that what you guys are doing at Forager really validates Bitcoin being used as a tool by by anybody, not just cipher punks or people that care about sound money, but what you guys are doing at Forager in the world of entertainment.
(01:20) and Carlos, we were just talking before you we hit record that you heard my discussion with Johnny Vance um from Total Twins and Angel Studio and reached out and as I was also telling you I have a friend a very very close friend and we've been talking about this idea quite a bit the intersection of Bitcoin and entertainment in attempt to get better art into the world and let smaller um artists, content creators, whatever you want to define them as uh get their work into the world and actually give them a chance to compete with the the mega studios of the world.
(01:56) So before we jump into the the broader discussion of this intersection, why don't we start with a couple introductions just um how you guys got to where you are, what you're doing at Forager, and um what uh what got you to the to thinking about Bitcoin specifically? Sure.
(02:20) Um, Carl, I can give my intro then I'll let you take it. Um, so I went to film school. I majored in screenwriting and then I found my way to New York. I landed in advertising. So it was not where I expected to be after film school. You know, right out of film school, I'm thinking, okay, I'm going to go and I'm going to work for a studio.
(02:38) I'm going to be on set. I'm going to, you know, live the dream. And I found that being on set and everything that I had imagined about film making, once I did get my feet wet into some live action production for commercials was not super aligned with the way that I uh prefer to to live my life and to structure my life.
(03:06) I'm very routine oriented and I really enjoyed how how the tech side of postp production was evolving and could make so many more things possible than you know just what it is captured on set. Now so much respect for what happens on set. I just was not of that same you know mindset and stamina to be working those kinds of hours.
(03:30) Um, and so I found my way into the post-production side of advertising and um, worked as an EP at a couple of different post houses. And along the way, I met Carlos um, and we decided to start forager together after working together for some time and I was getting ready to move into the freelance world, which he had been occupying for um, his entire career up until that point um, before moving from New York to Portland.
(04:03) So that was what um gave the idea to start Forager as a remote collective of post-prouction artists. Uh we saw at the time that there was a real need to give a platform for individuals in the post space who were not represented by legacy post houses for any number of reasons. You know they enjoyed being freelance. They liked the autonomy, having their own brand, and they just needed that production support which I could bring um to the team and which we've built alongside the producers at Forager along the way.
(04:35) Um and different already different tech was available to us at that time at like Slack and and Frame.io that made it possible to collaborate in real time from anywhere. Um, so we launched Forager with this unique perspective on bringing together the best talent no matter where they were located. Um, so we're pioneers in that sense because it was still um different to say that we didn't have um a a brick and mortar place to go to for clients to go to to supervise.
(05:10) And then that was January 2019, a year later it became the norm during co for everyone to work remotely. So, a little bit ahead of the game there. Um, and we've taken everything we've learned from from building this um this network of great creative and um Charles will, you know, give his intro and how we started building Bitcoin into the picture as well along the way. Yeah. Uh, yeah.
(05:37) Essentially, exactly what Ali said. I think Bitcoin surprisingly entered our radar very early on almost by uh yeah almost by chance uh because uh we started the company 2019. the pandemic hit 2020 and we were down of course as everyone else for for a little bit and at that moment I was uh starting to just research you know what stocks to buy like any like every person back then and I stumbled upon Bitcoin in the at the moment just from like an interview that I saw on YouTube and um and yeah I bought it personally not knowing much just kind of like bought it personally as an opportunity Uh Alli and I are good friends. So I I
(06:23) talked Alli into buying some personally as well. Uh and we were so small and informal. We were like, you know, it why not buy it and put it on forers balance sheet. Uh and this was before uh even a sailor had appeared on uh on X. It was like I think June 2020 when we first bought and we were small. We just bought I think one to begin with.
(06:49) Um and yeah, then uh we we saw the whole strategy thing happening. We were like, "Oh, this is going to be a thing." So we we started buying more. Um still a humble treasury. Uh but um but yeah, of course, we rode the whole thing up to the 60K.
(07:08) Then we felt a little silly when, you know, it it went all the way down in the bare market. Uh but that was kind of like our uh introduction to Bitcoin. like we buy by by buying it almost naively at first not knowing much but then you see this thing going up. We learned what it was. We got orange filled in the process and uh and we thankfully held it for this whole time and it was only in um earlier this year where we were like dealing with some uh liquidity crunches that we were like you know we have built this treasury.
(07:40) we want to maintain it and uh and we thought what if we were to uh leverage that treasury in order to raise some funds so we can uh survive and like you know get through this uh rocky period and so we did that but we also announced to the wor


Unbank CEO: “Keep pushing back on the idea that surveillance is a default”

Emilio’s first bitcoin purchase felt like a drug deal – sweating in a parking lot, cash in hand,…

Emilio’s first bitcoin purchase felt like a drug deal – sweating in a parking lot, cash in hand, uncertain if cops would storm in. That visceral distrust of a broken system birthed Unbank: a guerrilla network turning CVS registers into sovereignty hubs.

While banks slammed doors, he retrofitted ATMs with bitcoin hearts, weaponized Lightning against poverty taxes, and built cash-to-bitcoin ramps where the unbanked shop daily. In a post-FTX world screaming ‘self-custody,’ Unbank delivers it with [Genmega](https://www.genmega.com) guts and [Voltage](https://lightning.news/unbank-chooses-voltage-to-bring-lightning/) veins – because financial inclusion shouldn’t require a passport or pedigree.

> What's your favorite new feature on the Unbank app? ![👀](https://s.w.org/images/core/emoji/16.0.1/72x72/1f440.png) [pic.twitter.com/vqdMJkxKZj](https://t.co/vqdMJkxKZj)
>
> — Unbank: Buy & Sell Bitcoin ![💵](https://s.w.org/images/core/emoji/16.0.1/72x72/1f4b5.png) ![🏧](https://s.w.org/images/core/emoji/16.0.1/72x72/1f3e7.png) ![🚀](https://s.w.org/images/core/emoji/16.0.1/72x72/1f680.png) (@unbankworld) [July 31, 2025](https://twitter.com/unbankworld/status/1951034541847503175?ref_src=twsrc%5Etfw)

Unbank: From Cash to Sovereignty
--------------------------------

*   **You started in 2014 with a single bitcoin ATM in Albany, NY. What personal frustration with traditional finance forced you to bet on bitcoin ATMs? Was there a specific “cash to bitcoin is king” revelation?**

There was a moment the very first time I went to buy my first bitcoin, it was a nightmare. At the time, the easiest way for me to buy bitcoin was on [Localbitcoins.com](http://localbitcoins.com) which was peer-to-peer transactions in cash, meaning it had to be done face-to-face.

The location where I agreed to meet the guy was in a public area, but while doing the transaction, it just felt dirty, like we were doing something illegal. I knew there would be a market for an easier process to be able for every-day people to buy bitcoin with cash.

*   ****Early banks rejected you, and merchants feared bitcoin. How did you turn “No” into having services available in CVS, Walgreens, and Office Depot? What convinced these giants?****

We were pretty lucky to be honest. While we didn’t partner directly with these brands, we partnered with companies that already have services in these retail stores. That really opened up our ability to bring bitcoin and other top digital currencies to a much wider network.

*   **[Unbank](https://unbank.com/) has championed itself as being an easy on ramp for new users.  How does prioritizing cash, privacy, and self-custody reflect your vision of true financial inclusion?**

Most platforms claim they’re “for the people,” but then require a passport scan and a bank account before you can even get started. That’s not inclusion—that’s gatekeeping, not everyone has access to those. We took a different route: start with cash, lite KYC, and let people hold their keys.

Privacy isn’t just a perk—it’s protection for people in marginalized communities. Self-custody isn’t just a feature—it’s empowerment. By making bitcoin as easy to access as a soda or a bus ticket, we’re turning everyday people into participants in a borderless, censorship-resistant economy. That’s the mission: real freedom in the hands of real people.

![screen 1](https://lightning.news/wp-content/uploads/2025/08/screen-1-678x1024.png "Unbank CEO: "Keep pushing back on the idea that surveillance is a default" 8")

**ATMs & Beating the Banks**
----------------------------

*   **Your [partnership](https://lightning.news/unbank-chooses-voltage-to-bring-lightning/) with Voltage powers instant bitcoin buys/sells through the Unbank mobile app. Why was Lightning non-negotiable for scaling? How does slashing fees/time disrupt the “bitcoin is slow” narrative?**

People don’t want to wait ten minutes to pay for something. Lightning fixes that. If we were serious about onboarding everyday users, we had to make bitcoin feel instant, like tapping a debit card.

The idea that bitcoin is slow or clunky? That’s legacy thinking. With Lightning, it’s as fast as cash and way more programmable. We knew we couldn’t scale without it—and honestly, we wouldn’t want to.

*   **Unbank never holds user keys or funds. In a post-FTX world, why is this the right model for mass adoption?**

 It’s honestly a very simple answer. We care. We care about our users’ well-being and financial longevity, and don’t want to risk their money by holding it hostage. After FTX, Celsius, and BlockFi, anyone still asking customers to “trust us” is missing the point. If we can’t build a business where people hold their own keys, then we’re not building for the future—we’re just repeating the past.

*   **You’re expanding your fleet together with partner a ATM network for cash-out. How did that accelerate growth? What features do you plan next – NFC taps?**

We worked with what was already out there. Partnering with existing networks made it faster and cheaper to scale, especially in cities farther away from our home base- to be able to have technicians and armored carriers be able to work with machines they already know is also another factor.

We don’t many features on our machines, what’s important is that it’s easy to use and we need functionality that works for real users. As for what’s next? We’re watching NFC stuff closely, but it’s gotta serve the user, not just look cool.

![Screenshot 2025 08 05 at 3.54.03 PM](https://lightning.news/wp-content/uploads/2025/08/Screenshot-2025-08-05-at-3.54.03-PM-573x1024.png "Unbank CEO: "Keep pushing back on the idea that surveillance is a default" 9")

**Serving the Unbanked: Privacy, Cash & Financial Refugees**
------------------------------------------------------------

*   **How does accepting physical cash protect marginalized users (e.g., people with less economic and financial means) from surveillance?**

Cash doesn’t ask questions. It doesn’t care where you’re from, what your credit score is, or whether you have a bank account account. For countless people, cash is the only tool they trust.

![Location Screen](https://lightning.news/wp-content/uploads/2025/08/Location-Screen-500x1024.png "Unbank CEO: "Keep pushing back on the idea that surveillance is a default" 10")

By keeping it in the mix, we give people a way to participate in the digital economy without being tracked, flagged, or denied. It’s about convenience, just as much as about holding consumer rights and protection high. Unlike digital fiat, we believe cash allows people to execute their right to financial privacy – as it should be.

*   **Unbank offers zero fees on sell transactions. How does this attack the “poverty tax” seen on digital currency exchanges?**

We’ve watched it with other exchanges: people getting hit with high fees while trying to use your money. That’s a poverty tax, plain and simple. Our zero-fee sell option was our way of saying, “You’re not less important because you’re moving $20 instead of $2,000.” Everyone should have a way out—and it shouldn’t cost them extra to take it.

Another reason is that we typically see more demand for buying bitcoin than selling so instead of buying back from exchanges we created a win-win, no fees for users to cash-out, no fees for us to buy back what we sold.

*   **With KYC minimalism, how do you walk the tightrope between regulator demands and Bitcoiners’ right to privacy?**

We comply—but we don’t overreach. We collect only what’s necessary by law and nothing more. In my experience, regulators want to prevent crime, not catalog everyone’s life. There’s room to meet the law and still protect user dignity. Our job is to hold that line and keep pushing back on the idea that surveillance is a default. It’s not.

> There’s room to meet the law and still protect user dignity. Our job is to hold that line and keep pushing back on the idea that surveillance is a default. It’s not.

**Growth & Grit: Scaling Amidst Skepticism**
--------------------------------------------

*   **What tough moment while building a bitcoin centered business in such a volatile market has taught you the most?**

There were weeks when we thought we’d have to shut it all down. ATMs would get vandalized, banks would freeze our accounts with no notice, and headlines would scare off merchants and users alike. But those moments teach you to double down on the mission at hand. You realize real change doesn’t happen without resistance. Every “no” we heard made the next “yes” matter even more.

*   **The Unbank app supports Lightning, has referral codes, and allows you to buy bitcoin with cash at the register or sell bitcoin and withdraw cash from 23,000 ATMs’s without a card. You also support electronic methods for cashout such as PayPal, Venmo, and push to debit card. Why focus on unifying fiat rails instead of digital assets only?**

Because people live in fiat—rent, bills, groceries. If we want bitcoin to work for real people, it has to bridge, not replace, their daily life. Building strong fiat off-rails is what makes bitcoin usable, not just holdable. You can’t have financial inclusion if your only audience is digital asset-native. The app is our way of saying, “Bitcoin is ready for the world. Let’s meet it there.”

**Future of Finance: Bitcoin, Borders & Beyond**
------------------------------------------------

*   **With rising inflation, could Unbank’s network become a Plan B for financial refugees (e.g., Argentina, Lebanon)?**

It already is for some. When your bank account gets frozen or your currency loses half its value overnight, Bitcoin stops being speculative—it becomes survival. Our network, especially the cash-to-crypto infrastructure, gives people a path that doesn’t rely on broken institutions. That’s what makes it powerful. It’s borderless and bankless. While this might only apply to those people in the US right now, we are looking to expand inte


What are the best Stripe alternatives today? When it comes to online payment processing, Stripe has long dominated…

Table of Contents
-----------------

*   [Why Consider Stripe Alternatives?](#why-consider-stripe-alternatives)
*   [The Complete List of Best Stripe Alternatives](#the-complete-list-of-stripe-alternatives)
*   [Additional Notable Mentions](#additional-notable-mentions)
*   [How to Choose the Right Stripe Alternative](#how-to-choose-the-right-stripe-alternative)
*   [Conclusion](#conclusion)

What are the best Stripe alternatives today? When it comes to online payment processing, Stripe has long dominated the conversation. However, with its complex pricing structure and limited customization options for certain businesses, many entrepreneurs and companies are actively seeking viable Stripe alternatives. Whether you’re a SaaS startup, e-commerce store, or global enterprise, choosing the right payment processor can significantly impact your bottom line and customer experience.

> [Flash Launches Free Bitcoin Invoicing Tool](https://lightning.news/flash-launches-free-bitcoin-invoicing-tool/)

Why Consider Stripe Alternatives?
---------------------------------

Before diving into our comprehensive list of the best Stripe alternatives, it’s worth understanding why businesses are exploring [alternatives to Stripe](https://lightning.news/stripe-alternatives-2025/). While Stripe offers robust features and excellent developer tools, some businesses face challenges with [pricing transparency](https://www.forbes.com/advisor/business/software/top-stripe-alternatives/), limited global coverage, or specific industry requirements that Stripe doesn’t fully address.

![best stripe alternatives - Woman using smartphone for online shopping with credit card in hand, festive background lighting.](https://lightning.news/wp-content/uploads/2025/08/230544-1024x683.jpeg "27 Best Stripe Alternatives To Accept Payments In Your Business 11")

The Complete List of Best Stripe Alternatives
---------------------------------------------

Based on extensive research and analysis of the payment processing landscape, here are 27 proven best Stripe alternatives that could be the perfect fit for your business:

### 1\. **[Frame](https://framepayments.com/)** – Simplified Payment Solutions

Frame positions itself as making “payments easier” with a streamlined approach to payment processing. This platform focuses on reducing complexity while maintaining robust functionality for modern businesses, offering straightforward pay-as-you-go pricing with no setup charges or monthly fees.

### 2\. **[Lemon Squeezy](https://www.lemonsqueezy.com/)** – The SaaS-Focused Alternative

Dubbed as “acq’d by Stripe,” Lemon Squeezy offers a comprehensive solution specifically designed for digital product sales and SaaS businesses. It provides strong customer support, built-in analytics, and handles payments, subscriptions, global tax compliance, and fraud prevention in one platform.

### 3\. **[Gumroad](https://gumroad.com/)** – Creator Economy Champion

Gumroad has carved out a niche serving creators and small businesses by providing tools for selling digital products, physical goods, and subscriptions. It’s particularly popular among content creators, artists, and independent entrepreneurs who want to experiment with various ideas and formats. Therefore it should be considered as one of the best Stripe alternatives.

### 4\. **[Paddle](https://www.paddle.com/)** – All-in-One SaaS Commerce

Paddle caters to SaaS and software companies by offering a comprehensive platform with billing, licensing, and global tax handling capabilities. It’s designed to be a complete solution for subscription-based businesses, handling payments, tax, and subscription management in one platform.

### 5\. **[FastSpring](https://fastspring.com/)** – Global E-commerce Specialist

FastSpring specializes in e-commerce solutions for software and SaaS companies, with a focus on global payments and subscription management. According to [TechnologyAdvice](https://technologyadvice.com/blog/sales/stripe-alternatives/), it’s particularly strong for international transactions and helps companies sell more, stay lean, and compete big.

### 6\. **[2Checkout](https://www.2checkout.com/)** – Versatile Payment Solutions

2Checkout (now part of Verifone) offers versatile payment solutions excelling in global payments, subscription billing, and digital commerce. It’s an all-in-one monetization platform that maximizes revenues and makes global online sales easier, supporting over 200 countries and territories.

### 7\. **[Payoneer](https://www.payoneer.com/)** – Cross-Border Payment Expert

Payoneer simplifies cross-border payment solutions, offering local payment ease globally with a focus on market expansion and multi-currency support. It’s trusted by small to medium-sized businesses for global payment solutions and international money transfers.

### 8\. **[Chargebee](https://www.chargebee.com/)** – Subscription Management Leader

Chargebee is a subscription management platform perfect for SaaS and SMBs, with robust billing and revenue management features. It streamlines revenue operations and helps businesses grow efficiently with comprehensive subscription billing capabilities. It definitely should be considered as one of the best Stripe alternatives.

### 9\. **[Maxio](https://www.maxio.com/)** (formerly Chargify) – B2B SaaS Billing

Maxio offers a robust platform for B2B SaaS billing and financial operations, focusing on growth and efficiency for subscription businesses. It’s the most complete financial operations platform for B2B SaaS, bringing core financial operations into one platform.

### 10\. **[Recurly](https://recurly.com/)** – Dynamic Subscription Management

Recurly offers dynamic subscription management platform, excelling in churn management and data insights for subscription growth. It’s the only proven platform that expands and protects your recurring revenue with subscription management, recurring billing, and payments orchestration.

### 11\. **[Braintree](https://www.paypal.com/us/braintree)** – PayPal’s Enterprise Solution

Braintree (by PayPal) provides a versatile global payments platform, integrating multiple payment methods with a focus on conversion and security. It delivers end-to-end checkout experiences for businesses, offering single-touch payments and mobile optimization.

### 12\. **[PayKickstart](https://paykickstart.com/)** – Modern Commerce Platform

PayKickstart offers a modern commerce platform for online billing and affiliates, focusing on revenue maximization and churn minimization. It’s the most complete checkout, recurring billing, affiliate management, and retention solution with global capabilities.

### 13\. **[PayPro Global](https://payproglobal.com/)** – Full-Service E-commerce

PayPro Global offers a full-service eCommerce solution for selling software and SaaS, focusing on global payments, tax compliance, and customer support. It provides flexible solutions with over 70 payment methods and great support for software companies.

### 14\. **[Shopify Payments](https://www.shopify.com/payments)** – E-commerce Integration

Integrated with Shopify, this service is ideal for SMBs in eCommerce, offering a seamless shopping cart and payment experience. It’s the simplest way to accept online payments, automatically set up for major methods with no fees for some payment types.

### 15\. **[Square](https://squareup.com/us/en/payments)** – Versatile POS and Payment Solutions

Square provides versatile POS and payment solutions for small businesses with a strong focus on retail and mobile payments. [Forbes Advisor](https://www.forbes.com/advisor/business/software/top-stripe-alternatives/) notes it as one of the top alternatives for businesses needing both online and offline payment capabilities.

### 16\. **[Zoho Billing](https://www.zoho.com/us/billing/)** – Integrated Business Solution

Zoho Billing is an online recurring billing and subscription management solution, ideal for small and medium-sized businesses seeking professional invoice creation, time and expense tracking, and improved cash flow management.

### 17\. **[WePay](https://go.wepay.com/)** – Chase Company Integration

WePay, a Chase company, provides integrated payment solutions for ISVs and SaaS companies with customizable payment solutions. It’s designed for platforms like marketplaces and small business tools, offering seamless user experience and fraud protection.

### 18\. **[QuickBooks Payments](https://quickbooks.intuit.com/payments/)** – SMB Accounting Integration

This service provides seamless accounting and payment solutions for SMBs and SaaS businesses, featuring real-time tracking and automated bookkeeping. It lets small businesses accept payments online from anywhere with easy integration into QuickBooks accounting.

### 19\. **[Mangopay](https://mangopay.com/)** – Marketplace Payment Infrastructure

Mangopay offers a modular payment infrastructure for marketplaces and platforms, emphasizing flexibility, global payouts, and AI-powered anti-fraud. It uses flexible wallets built to orchestrate fund flows and monetize payment experiences.

### 20\. **[Coinbase Commerce](https://www.coinbase.com/commerce)** – Cryptocurrency Payments

Coinbase Commerce enables businesses to accept payments from around the world using cryptocurrency. It offers instant settlement, low fees, and broad asset support, making it easy for merchants to accept digital currency payments globally.

### 21\. **[BTCPay Server](https://btcpayserver.org/)** – Open-Source Bitcoin Processor

BTCPay Server is a self-hosted, open-source cryptocurrency payment processor with 0% fees and no third-party involvement. It’s secure, private, censorship-resistant, and completely free for businesses wanting full control over their Bitcoin payments.

### 22\. **[Lago](https://www.getlago.com/)** – Open-Source Billing Alternative

Lago is an open-source alternative to Stripe Billing and Chargebee, specializing in billing and metering in one


Why ParmanodL is the Best Choice for Your Bitcoin Node Setup

Running a node can be expensive, right? Imagine a computer with open-source bitcoin software pre-installed. Enter ParmanodL; this…

Running a node can be expensive, right? Imagine a computer with open-source bitcoin software pre-installed. Enter ParmanodL; this computer designed for running nodes is changing the game by making the intricacies of node set-up simple and way cheaper.

For most enthusiasts, setting up a [node](https://lightning.news/is-it-legal-to-operate-a-lightning-node/) can be costly due to:

**Hardware Requirements:** Storage of an entire copy of the Bitcoin block chain requires powerful hardware that is expensive both to purchase and maintain.

**Storage Costs:** The Bitcoin blockchain is large and consumes a lot of disk space that depending on the disk that is used this may accrue to very high charges.

**Technical Expertise:** Operating and maintaining a bitcoin node depends on certain exclusive technicalities that may warrant the contract of experts or professional technicians.

Why ParmanodL?
--------------

Designed for non-technical enthusiasts, the ParmanodL comes with an automated wizard and menu. No manual configuration is needed since the menus provide options where users can verify their bitcoin and bitcoin related transactions. The technology even goes further and automatically connects a node to your wallet once you set it up.

Tech bros fear not, ParmanodL has not left you behind. You can build your own ParmanodL from scratch. For those interested you could find out more [here](https://parmanode.com/). However, purchasing the already configured ParmanodL comes with a nice package. Included in the package is; the shipping cost, Raspberry Pi 4 ( with power supply), a [FLIRC](https://flirc.tv/products/flirc-raspberry-pi-4-case-silver?variant=43085036454120) aluminium case (Fanless and silent – uses metallic body as heat sink to cool the device).

That’s not all, the ParamnodL comes with a 1TB external SSD (optional upgrade to 2 TB) drive and guess what? Direct line customer support to the brains behind ParmanodL technology, [Mr. Parman](https://armantheparman.com/about-contact/)( email, twitter and telegram). That’s not all, Arman also offers real time guidance through videos to first time users. A lightning node can also be provided upon request.

ParmanodL’s setup distinguishes itself as the best out of other nodes for the following good reasons. It is created with the emphasis on the simplicity of use, so the essence of its functions is comprehensible to ordinary users. For those ready to enhance their bitcoin experience with a reliable node setup, you can purchase the ParmanodL directly [here](https://parmanode.com/buyparmanodl/).


Bitcoin Treasury: Do Companies Now Exist Solely to Hold Bitcoin?

Bitcoin as a digital asset has grown from a niche technology to a recognized financial instrument over the…

Bitcoin as a digital asset has grown from a niche technology to a recognized financial instrument over the past decade. Unlike traditional currencies, no government or central bank controls it, and its supply is limited to 21 million coins. These characteristics have made it attractive to both individual investors and companies looking for new ways to manage their wealth.

In recent years, more businesses have started holding bitcoin as part of their financial reserves. From technology firms to payment companies and even mining operations, bitcoin is increasingly appearing on corporate balance sheets.

This raises an interesting question: Do companies exist just to hold bitcoin, or is holding bitcoin simply part of a broader [financial strategy](https://lightning.news/retail-investors-all-in-on-bitcoin-etfs/)?

This article explores that question by looking at what a Bitcoin treasury is, why companies adopt it, and whether some companies are now built entirely around this idea.

Table of Contents
-----------------

*   [What Is a Bitcoin Treasury?](#what-is-a-bitcoin-treasury)
*   [Why Companies Hold Bitcoin in Their Treasury](#why-companies-hold-bitcoin-in-their-treasury)
*   [Major Companies Holding Bitcoin in 2025 (With Real Examples)](#major-companies-holding-bitcoin-in-2025-with-real-examples)
*   [Publicly Traded Companies Actively Holding Bitcoin in 2025](#publicly-traded-companies-actively-holding-bitcoin-in-2025)
*   [Private Companies Actively Holding Bitcoin in 2025](#private-companies-actively-holding-bitcoin-in-2025)
*   [Institutional & Government Holdings of Bitcoin in 2025](#institutional-government-holdings-of-bitcoin-in-2025)
*   [Do Any Companies Exist Solely to Hold Bitcoin?](#do-any-companies-exist-solely-to-hold-bitcoin)
*   [The Risks and Criticisms of Bitcoin Treasuries](#the-risks-and-criticisms-of-bitcoin-treasuries)
*   [Conclusion](#conclusion)

**What Is a Bitcoin Treasury?**
-------------------------------

A Bitcoin treasury refers to a company holding bitcoin as part of its reserve assets. Instead of keeping all of its funds in traditional assets like cash, bonds, or real estate, it allocates a portion to bitcoin. This is usually a deliberate financial strategy designed to strengthen the company’s balance sheet.

Holding bitcoin in a treasury works much like other strategic asset holdings, such as gold or foreign currency reserves. It allows companies to diversify their assets, protect themselves from economic shifts, and potentially benefit from price growth over time.

There is an important distinction to make here:

*   **Some companies hold bitcoin as one of many assets.** For them, bitcoin is just a small part of a much larger strategy.

*   **Other companies or funds exist primarily to hold bitcoin.** These firms often raise capital with the specific intention of buying and managing bitcoin as their primary business activity.

This means that, unlike regular businesses (like Tesla or Coinbase) that have other core operations, these companies exist mainly to accumulate and manage bitcoin as an asset.

*   They usually raise money from investors (through stock sales, funding rounds, or other capital raises).

*   They use most of that money to buy bitcoin and then hold it as their primary asset.

*   Their business model is tied directly to the value of bitcoin; if bitcoin goes up, the company’s value rises, and vice versa.

Examples of such companies include:

*   **MicroStrategy (Strategy)** started as a software company, but it’s now primarily seen as a bitcoin holding company.

*   **Twenty One Capital** was explicitly created to build a large bitcoin treasury as its core activity.

*   **Bitcoin ETFs (like BlackRock’s iShares Bitcoin Trust)** exist solely to hold bitcoin on behalf of investors.

So, these companies don’t use bitcoin as a side asset; they’re built around the idea of holding and growing bitcoin reserves.

**Why Companies Hold Bitcoin in Their Treasury**
------------------------------------------------

Companies add bitcoin to their reserves for several reasons. Each reason reflects both financial strategy and how they see the future of money.

****1\. Hedge Against Inflation and Currency Risks****

Traditional currencies lose value over time due to inflation and economic fluctuations. Bitcoin, on the other hand, has a fixed supply, which makes it attractive to companies that want to protect part of their capital from currency devaluation.

This is particularly relevant in times when interest rates are low, and the value of holding large amounts of cash is eroded by inflation. Several companies view bitcoin as a way to preserve their purchasing power over the long term.

****2\. Potential for Long-Term Capital Growth****

Bitcoin has shown significant price growth over the years, despite its volatility. Companies like Strategy (formerly MicroStrategy) have experienced substantial increases in their balance sheet value thanks to their bitcoin holdings.

For companies willing to take on the risk, holding bitcoin offers a chance to benefit from future price appreciation and increase shareholder value.

****3\. Diversification of Assets Beyond Fiat, Bonds, and Equities****

Relying too heavily on traditional assets can expose companies to market risks tied to those instruments.

By adding bitcoin to their reserves, firms introduce a non-correlated asset, one that doesn’t always move in the same direction as stocks or bonds. This diversification can make their overall financial position more resilient.

****4\. Brand Positioning and Innovation Appeal****

Holding bitcoin isn’t just a financial move; it also shapes how the public and investors view a company. Businesses that adopt bitcoin early are often seen as innovative and forward-thinking.

This can attract a new type of investor, strengthen the company’s brand, and generate media attention. For example, [Tesla’s announcement of Bitcoin purchases created global headlines and boosted its image as a tech pioneer](https://www.google.com/amp/s/www.cnbc.com/amp/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html).

**Major Companies Holding Bitcoin in 2025 (With Real Examples)**
----------------------------------------------------------------

A wide range of companies, from publicly traded firms to private businesses and even institutional entities, now hold bitcoin on their balance sheets as part of a strategic reserve. This isn’t a fringe move: it’s becoming mainstream across industries.

Let’s look at the latest figures on bitcoin holdings (mid‑2025) to understand how significant this trend has become.

**Company**

**Industry**

**BTC Held**

**Estimated Value (2025)**

**Notes**

**1\. Strategy (MicroStrategy)**

Software / Treasury firm

[628,791BTC](https://bitcointreasuries.net/?utm_source=)

$73 billion

Largest corporate holder (3% of supply)

**2\. Marathon Digital (MARA**)

Bitcoin mining

[50,000 BTC](https://bitcointreasuries.net/?utm_source=)

$5.7 billion

Mining-based treasury holdings

**3\. Twenty One Capital (XXI)**

Bitcoin-native treasury

[43,514BTC](https://bitcointreasuries.net/?utm_source=)

$5.15 billion

Backed by Tether/SoftBank, Jack Mallers’ firm

**4\. Trump Media & Technology (DJT)**

Trump Media & Technology (DJT)

[18,430 BTC](https://bitcointreasuries.net/?utm_source=)

$2 billion

Raised capital to build BTC reserves

**5\. Metaplanet Inc.**

Hospitality & crypto

[17,595 BTC](https://bitcointreasuries.net/?utm_source=)

$2 billion

“Bitcoin hotel” venture

**6\. Riot Platforms**

Bitcoin mining

[19,225 BTC](https://bitcointreasuries.net/?utm_source=)

$2.2 billion

Miner-turned-BTC treasury firm

**7\. CleanSpark**

Solar + mining

[12,608 BTC](https://bitcointreasuries.net/?utm_source=)

$1.45 billion

Energy-mining operations hold bitcoin

**8\. Coinbase**

Crypto exchange

[11,776 BTC](https://bitcointreasuries.net/?utm_source=)

$1.35 billion

Natural reserve for exchange operations

**9\. Tesla**

Electric vehicles

[11,509 BTC](https://bitcointreasuries.net/?utm_source=)

$1.32 billion

Strategic diversification into bitcoin

**10\. Hut 8 Mining Corp.**

Canadian mining company

[10,273 BTC](https://bitcointreasuries.net/?utm_source=)

$1.18 billion

Large miner holding bitcoin reserves

******Quick Analysis******

MicroStrategy (now Strategy) leads by a wide margin, holding nearly 3 % of the total bitcoin supply, valued at over $70 billion, clearly setting the tone in the corporate bitcoin narrative.

*   Mining companies like Marathon, Riot, CleanSpark, and Hut 8 naturally accumulate bitcoin through their operations, turning it into a treasury asset.

*   Bitcoin-native firms like Twenty One Capital (founded by Jack Mallers and backed by Tether/SoftBank) are explicitly built to hold bitcoin as their core business model.[
    ](https://treasuries.bitbo.io/?utm_source=chatgpt.com)
*   Non-crypto businesses, such as Tesla and Metaplanet, use bitcoin as strategic diversification rather than core operations.

*   Trump Media represents a newer entrant that raised $2 billion specifically to build a bitcoin reserve, highlighting how media or thematic firms are entering this space.

**Publicly Traded Companies Actively Holding Bitcoin in 2025**
--------------------------------------------------------------

Publicly traded companies are businesses listed on stock exchanges that issue shares to the public. When these companies hold bitcoin in their treasuries, it’s a strategic decision that impacts not only their balance sheets but also their stock prices, since investors closely watch their exposure to bitcoin. Examples include;

****1\. MicroStrategy (Strategy)****

Leading the pack, this software company has transformed itself into a bitcoin treasury powerhouse. With over 628,000 BTC and billions in unrealized gains, it’s redefining what it means to be a public company in today’s bitcoin-infused economy.

****2\


Treasury Secretary Bessent confirms the “budget-neutral” strategy for the strategic bitcoin reserve. The post USA: no new purchases for the strategic bitcoin reserve appeared first on Atlas21.

**_Treasury Secretary Bessent confirms the “budget-neutral” strategy for the strategic bitcoin reserve._**
----------------------------------------------------------------------------------------------------------

In an [interview](https://x.com/CoinDesk/status/1955985768620454098) on _“Mornings with Maria”_ on _Fox Business_, Treasury Secretary **Scott Bessent** stated that the United States will not proceed with acquiring new bitcoins through direct market purchases.

> ![🇺🇸](https://s.w.org/images/core/emoji/16.0.1/72x72/1f1fa-1f1f8.png) NEW: Treasury Secretary claims on Fox Business the US "will not be buying" Bitcoin but will use "confiscated assets and continue to build that up" as a Bitcoin reserve. [pic.twitter.com/8A09BmzVYC](https://t.co/8A09BmzVYC)
>
> — CoinDesk (@CoinDesk) [August 14, 2025](https://twitter.com/CoinDesk/status/1955985768620454098?ref_src=twsrc%5Etfw)

No taxpayer dollars will be used to increase holdings in digital assets, Bessent confirmed. He clarified that the strategy is based exclusively on a _“budget-neutral”_ approach, using only **bitcoins seized** through legal confiscation operations. The strategic reserve will therefore grow solely through the accumulation of digital assets obtained via legal actions and seizures.

The new policy outlined by Bessent calls for the **immediate halt of bitcoin sales** from the government’s holdings, marking a shift from previous practices, when U.S. authorities tended to liquidate seized digital assets. Currently, the U.S. government’s bitcoin holdings are estimated at between **$15 billion and $20 billion** at today’s prices, Bessent said.

The Treasury Secretary also noted that gold will continue to play its traditional role as a _“store of value”_ for the American people.

The post [USA: no new purchases for the strategic bitcoin reserve](https://atlas21.com/usa-no-new-purchases-for-the-strategic-bitcoin-reserve/) appeared first on [Atlas21](https://atlas21.com).


There is a way to transfer money directly to a bank account by sending a BTC transaction: the Bull Bitcoin service. The post Paying to an IBAN… in Bitcoin appeared first on Atlas21.

[![](https://i0.wp.com/atlas21.com/wp-content/uploads/2025/08/Banner-Bull-Bitcoin-ENG.png?resize=976%2C75&ssl=1)](https://app.bullbitcoin.com/registration/atlas21)

**_There is a way to transfer money directly to a bank account by sending a BTC transaction: the Bull Bitcoin service._**
-------------------------------------------------------------------------------------------------------------------------

Despite it being possible to exchange goods and services in bitcoin since its early years, its adoption as a payment method remains still limited. What Bitcoin is facing, and will have to continue to face in the coming years, is the process of monetary evolution.

Today, in fact, there are still few businesses that directly accept bitcoin payments. In most cases, bitcoiners find themselves forced to convert their funds into fiat currency to be able to make daily payments. However, this barrier is starting to fade thanks to the emergence of new services.

Over the years, the market has witnessed the birth of various services specialized in facilitating bitcoin payments. Among the pioneers in the sector stands out **Bitrefill**, a platform that allows purchasing gift cards and topping up services using bitcoin directly. Over time, similar solutions have developed that allow paying for various goods and services.

Last January, when **Bull Bitcoin** extended its services to the European market, a new possibility was made available. The Canadian broker, known for its Bitcoin-only philosophy and strictly non-custodial approach, offers a solution that **allows paying any service or entity that accepts bank transfers in euros using bitcoin directly**. This means being able to make payments to suppliers, public entities, companies, individuals and even top up debit cards linked to an IBAN, all without ever having to manually convert bitcoin into fiat currency.

### **How it works**

The process for making payments through Bull Bitcoin is simple and intuitive. Here is the step-by-step procedure:

1.  Account creation

The first step consists of [registering](https://app.bullbitcoin.com/registration/atlas21) on Bull Bitcoin. The process is as follows:

*   visit the Bull Bitcoin [website](https://www.bullbitcoin.com/);
*   click on “Sign up”;
*   enter the required data (email and password);
*   confirm the email and complete the account verification.

2\. Access to the “Send fiat payments” function

Once you have logged into your verified account:

*   navigate to the main menu;
*   click on “**Send fiat payments**“;
*   this function will allow you to use your bitcoins for payments in euros to any European IBAN.

![](https://i0.wp.com/atlas21.com/wp-content/uploads/2025/08/901.jpg?resize=501%2C479&ssl=1)

3\. Entering recipient data

The system will require you to enter the beneficiary’s information:

*   **recipient’s IBAN**: enter the complete IBAN code of the service or person who must receive the payment or select an existing beneficiary;
*   **beneficiary’s name**: specify the exact name as registered with the bank.

![](https://i0.wp.com/atlas21.com/wp-content/uploads/2025/08/902.jpg?resize=519%2C460&ssl=1)

![](https://i0.wp.com/atlas21.com/wp-content/uploads/2025/08/903.jpg?resize=517%2C631&ssl=1)

4\. Defining the amount and completing the payment

The last step of the process is as follows:

*   **enter the amount in euros** you wish to send (Bull Bitcoin will detect the exact amount even if you send more satoshis);
*   the system will automatically calculate the bitcoin equivalent at the current exchange rate;
*   **payment reference**: add a payment description (bill, service, invoice, etc.) so that the beneficiary knows it is you paying (avoid mentioning bitcoin in the description);
*   send to the BTC/Liquid address or pay the Lightning Network invoice. The exchange rate will be locked as soon as Bull Bitcoin detects the transaction;
*   as soon as the exchange receives the funds, it will pay your beneficiary through one of its bank accounts.

![](https://i0.wp.com/atlas21.com/wp-content/uploads/2025/08/5.jpg?resize=451%2C403&ssl=1)

![](https://i0.wp.com/atlas21.com/wp-content/uploads/2025/08/6.jpg?resize=441%2C622&ssl=1)

![](https://i0.wp.com/atlas21.com/wp-content/uploads/2025/08/7.jpg?resize=448%2C275&ssl=1)

**The possibility of paying any service that accepts bank transfers in euros using bitcoin** directly eliminates one of the main barriers to adoption as a medium of exchange, simplifying the daily life of bitcoiners and offering the opportunity to live in the Bitcoin Standard without having to continuously resort to conversions into fiat currency. It is a real bridge between the Bitcoin ecosystem and the traditional banking system.

* * *

_Bull Bitcoin is the world’s longest-running Bitcoin-only exchange. Strictly non-custodial. Try it [here](https://app.bullbitcoin.com/registration/atlas21)._

The post [Paying to an IBAN… in Bitcoin](https://atlas21.com/paying-to-an-iban-in-bitcoin/) appeared first on [Atlas21](https://atlas21.com).


Chris Alfano shows how Bitcoin mining monetizes stranded gas, reduces flaring, and enables more oil production.

Key Takeaways
-------------

![Center of Hash - Bitcoin Offtake Unlocks Oil Production | Chris Alfano](https://www.tftc.io/content/images/2025/08/Chris-Alfano.jpg)

Chris Alfano, CEO of 360 Energy, explains how Bitcoin mining has become a powerful tool for oil producers to monetize stranded natural gas, reduce flaring, and unlock additional oil production. What began as a vertically integrated mining venture evolved into a services business that deploys gas-to-Bitcoin infrastructure for upstream producers. In regions like the Permian Basin, where oversupply and poor pipeline contracts push gas prices to near zero or negative, Bitcoin mining offers a far more lucrative outlet, up to $13.50 per MCF compared to $1–3 on the pipeline. For large companies, the main value lies in keeping oil flowing without violating flaring restrictions, while smaller independents may chase Bitcoin economics directly. By offering flexibility, optionality, and higher margins, mining is reframing how natural gas assets are valued in the U.S. and beyond.

Best Quotes
-----------

“We realized that Bitcoin mining isn’t just a means to an end for oil and gas, it’s the other way around.”

“Henry Hub might pay $3.50 an MCF, but mining Bitcoin at the wellhead is $13.50 an MCF.”

“If a pipeline shuts down, producers can be stranded overnight. Our systems give them optionality.”

“For a big producer, it’s not really about the Bitcoin economics. They’ll pay us rent to capture gas, because without us, they’d have to shut in a million dollars a day of oil production.”

“Bitcoin mining is solving real-world problems. You can’t put an AI data center in the middle of an oil field and power it with stranded gas.”

“Only about half a percent of U.S. gas is flared, but that alone is two gigawatts of mining capacity.”

Conclusion
----------

This episode illustrates how Bitcoin mining is becoming integral to energy markets, not as a replacement but as a solution to inefficiencies in oil and gas. By transforming waste gas into productive energy, it reduces emissions, sustains oil production, and generates higher returns than conventional sales. Alfano’s approach positions 360 Energy less as a mining company and more as an oilfield services provider using Bitcoin as a tool, showing that mining’s future lies in solving industrial problems while making Bitcoin’s network more resilient and distributed.

Timestamps
----------

00:00 - Chris Alfano's Background and 360 Energy Strategy
02:18 - From SaaS to Bitcoin Mining: The 2020 Rabbit Hole Journey
05:56 - Evolution from Self-Mining to Oil Field Services Business
08:40 - US Natural Gas Markets and Regional Opportunities
14:52 - Gas Pricing Differentials: Henry Hub vs Waha Dynamics
23:48 - Stranded Gas vs Pipeline-Connected Mining Opportunities
29:32 - Three Value Props: Environmental, Oil, and Economic
33:13 - Case Study: Unlocking Stranded Oil Wells in Texas Gulf
37:20 - Bitcoin Economics vs Liability Reduction Models
43:13 - Mining Infrastructure: Generators, Data Centers, Servers
52:26 - Managing Bitcoin and Natural Gas Price Volatility
01:00:55 - Site Evaluation: Decline Curves and Operational Complexity
01:07:17 - Explaining Bitcoin Sustainability to Energy Customers
01:17:36 - Bitcoin Mining Philosophy and Ecosystem Role
01:24:39 - Strategic Focus and Future Growth Plans

Transcript
----------

(00:05) Chris Alana, welcome to the center of hash. Parker Lewis, it's great to be here. Yeah. Um, before we get into the the topic of the day, we we co-work here out of uh Bitcoin Park. It's mid July in the Texas summer. How's the summer been? It's been hot, good, rainy.
(00:30) you know, we've uh done some family trips and stuff like that. So, tried to get out of it. We're heading to California end of this week. So, upstream mining isn't impacted by the 4CP here in Texas. No natural gas mining. No grid, no 4CP, no curtailment. SMU footballs on the horizon. Uh on the horizon and Ryzen, they say you uh you were at Happy Valley for that. I was disastrous.
(00:56) That was a uh not our best not our best effort. Cool experience though. Our expectations is high this expectations are high. Coach is uh saying big things. He's uh good to target for other schools. So got to keep him happy at SMU. But you know, good transfer giving giving Texas a run for the money as best team in Texas.
(01:19) I'll be uh very pleased if we make it to another playoff. That might not happen again in quite some time, but that's what I said last year with Will Cole when we were sitting here in the summer looking at the team. But, you know, we should be better this year than we were last year. So, very pumped. Well, uh hopefully hash price is higher and come football season in a month.
(01:38) That would be nice. Got to get the uh ordinal people back selling uh their JPEGs. That's controversial. We'll talk about that towards the end, but um we we'll use that as a segue into um the topic of the day. So, in the in in the first couple episodes, we've discussed mining at a very broad high level, and today we're going to go deep on a specific energy strategy and mining strategy.
(02:06) Um Chris is the co-founder and CEO of 360 Energy. Um, Chris, just give a little bit about your background and what 360 does and kind of what defines your strategy. Yeah. Yeah. So 360 energy right before 360 uh I went to SMU if it wasn't obvious before um studied finance and economics there and started a company 2016 with a hedge fund manager in Dallas uh called Keyman Intelligence and uh built that company for four years.
(02:45) Sold that company in 2020 and started 360 and uh what did that company do that we did uh SAS solutions for private credit hedge funds. So we would uh standardize a bunch of the reporting data from you know these these CLOs's have 300 positions in private credit. Um so a bunch of companies that aren't publicly traded don't adhere to GAP and so uh what we would do is aggregate all the data that all of those portfolio positions would report.
(03:15) So like their financials um sims credit agreements everything like that. We'd aggregate that all into uh uh our platform and we'd standardize it. Um, so customers of ours, like other hedge funds, CLOS's would have access to the platform. They'd log in, they'd be able to see all their borrowers uh be able to see kind of standard financial data uh across um their whole portfolio, right? If uh different borrowers report in different ways and even same borrowers quarter to quarter.
(03:44) So yeah, it was just a tool to make analysts more efficient at actually analyzing, kind of get them out of the monkey labor of having to spread financials and figure out where pieces of information were. So it's just kind of like a a database with standardization for uh everything to do with their portfolio positions.
(04:04) And how'd you get from there to 360? Well, sold the company. um moved down to Austin, was out of a job at that point, kind of figuring out what I wanted to do next. Co happened. So, I'm a Bitcoin class of 2020 going down the rabbit hole at that point, kind of right after the company. Um, and obviously fell in love with Bitcoin for many of the same reasons everyone else does.
(04:28) And being a finance guy, being a tech guy, uh, really made a lot of sense in my mind. So, wanted to start another company. was kind of sick of doing software stuff. Um,orked around Austin. Uh, met a great guy named Mike Hamilton. Kind of told me all about this Bitcoin mining thing. Um, sounded really cool.
(04:46) And so kind of started going down the Bitcoin mining rabbit hole. Uh, as anyone does, you try to figure out, okay, you know, I can basically plug in a Bitcoin miner anywhere, but how do I do it, you know, cheaply for a long term, uh, to kind of protect the downside, protect the margin, all that stuff.
(05:05) So, um, for us that was looking at grid, looking at solar, looking at many different, you know, potential options to power our miners. Kind of settled on natural gas as something that's very abundant in Texas and something that's relatively cheap. Uh, we wanted to take it a step further and and actually vertically integrate the natural gas into the Bitcoin mining as a way of kind of controlling that future, having, you know, decade at a single location, having complete operational control.
(05:31) And so, uh, built a team with Sean Milmo, my co-founder, and a few other guys, um, that had a lot more oil and gas background than I did to, uh, stand up 360 Energy. And at that time, uh, the the company's objective was self mining through the ownership and operation of the natural gas assets. So, we went out and bought some uh, old producing uh, gas wells in the Barnett Shale, right outside of Fort Worth, just 20 minutes north of of downtown Fort Worth. And that's really how we got our start.
(06:02) Um, so took over those wells, put our first Bitcoin mine out there in late 21. Um, and started, you know, mining, uh, at probably the worst possible time to be mining and buying infrastructure and stuff like that. And, um, but yeah, that was that was really what it was all about was, you know, how do we bind these old relatively unattractive natural gas assets to traditional oil and gas people? um and turn that into something much more profitable, much more valuable through Bitcoin mining.
(06:33) Uh two questions. What what initially So you mentioned in 2020, what made you go down the Bitcoin rabbit hole just quickly? And then second, um you started out vertically integrated owning the assets, but that's evolved a bit. Yes. Okay. Yeah. I mean, the rabbit hole was a function of time um and a function of just kind of the macroeconomic conditions in the US, right? Uh knowing enough to know uh a ton of money printing is probably not good. Um and seeing all the free money that was going out there, uh was concerning. And so,
(07:14) and also, you know, I'


Bitcoin’s 21 million supply secures value by enforcing scarcity, tying money to energy, and preventing inflation or tampering.

Key Takeaways
-------------

![Center of Hash - Why Bitcoin’s 21 Million Supply is Perfect | Phil Geiger](https://www.tftc.io/content/images/2025/08/Phil-Geiger.webp)

Bitcoin’s fixed supply of 21 million coins is the foundation of its value, tying digital scarcity to real-world energy use through proof-of-work. Mining isn’t wasteful, it enforces monetary integrity by ensuring issuance, transaction finality, and decentralization. The difficulty adjustment creates a self-regulating system that always maintains profit incentives, while shrinking subsidies transition security costs to transaction fees through a competitive fee market. Attempts to introduce inflation would destroy Bitcoin’s core value proposition, as its strength lies in neutrality, permissionless participation, and unchangeable scarcity.

Best Quotes
-----------

“Wall Street thinks it’s dipping a toe into Bitcoin, but really it’s crossing the event horizon into a black hole.”

“Bitcoin is the very first form of money that is absolutely scarce with a fixed supply of 21 million. Nobody can create more Bitcoin.”

“Mining isn’t its own industry, it’s a tool for energy producers, like a demand-response battery that monetizes excess power.”

“The only external resource Bitcoin requires is electricity. Security scales linearly with value through the difficulty adjustment.”

“A good form of money has to be neutral. With Bitcoin, as long as you have energy and internet, you can participate without asking permission.”

“Block space is scarce by design. The bidding process for transactions ensures a fee market will always exist.”

“Inflation can never be a solution. The entire reason Bitcoin has value is because its supply is fixed at 21 million.”

“Centralization isn’t binary, it’s a spectrum. Bitcoin must decentralize in every way possible: users, nodes, miners, and ownership distribution.”

“If there’s ever a fork or bug, rational actors will always choose the version that preserves the fixed supply. That’s the social consensus.”

“Decades of economic theory debated what good money should be. Bitcoin makes it a market test, opt in voluntarily, and the consensus is clear.”

Conclusion
----------

The discussion reinforces that Bitcoin’s power lies in its immutability: 21 million is non-negotiable. Energy expenditure secures the network, decentralization distributes trust, and economic incentives ensure survival without inflation or external intervention. While risks like mining pool centralization exist, Bitcoin’s permissionless structure and market-driven consensus provide resilience. Ultimately, Bitcoin succeeds because it replaces trust in institutions with incorruptible rules, aligning all participants around one unshakable principle: absolute scarcity.

Timestamps
----------

0:00 - Paper Bitcoin Summer & Wall Street's Bitcoin Black Hole
3:28 - Bitcoin as Shock Therapy for Zombie Markets
5:14 - Introduction to Bitcoin's Economic Incentives
8:30 - Why Bitcoin's Energy Use Solves Money Printing
10:43 - Energy Demand from Block Processing & Coin Issuance
16:12 - Permissionless Energy Sales to Bitcoin Network
21:54 - The Always-Profitable Mining Mechanism
27:03 - Difficulty Adjustment & Self-Regulating Markets
32:29 - Bitcoin's Closed System Independence
40:27 - From Mining Subsidy to Transaction Fee Market
46:15 - Block Space Scarcity Creates Fee Competition
53:29 - Why Inflation Can Never Fix Bitcoin

Transcript
----------

(00:04) Bill Gyer. Paper Bitcoin summer. Summer of Phil. Which one is it? Well, every summer is summer of Phil. So, this summer I think is paper Bitcoin summer. Um, I'm I'm enjoying it quite a bit. I think it's a really unique time in Bitcoin, the Bitcoinification of Wall Street, if you will.
(00:29) It's not my my favorite topic in the world is the financialization all that, but it is pretty wild to me to see the explosion of paper Bitcoin summer. Yeah, I should have known. Yeah, I wrote the piece Bitcoin is the great defantization that there there would be some financialization of of Bitcoin before fiat ends and then true defancialization happens. But I wouldn't say I was wrong about that.
(00:56) That's just, you know, after Pierre wrote speculative attack in 2014, we should have we should have known that this was inevitable. And uh maybe that wasn't going to take this form, but it's also perfectly logical. So, I love it. Wall Street and all the kind of financial markets around the world, they feel or they feel like they're they're dipping their toe into Bitcoin right now, but Bitcoin is a black hole.
(01:15) And so, actually, they're kind of crossing the event horizon uh without even realizing it. So, I'm I'm a huge fan of all of these different products, but yeah, I think it is it is a a short time period where Bitcoin is going to be rapidly financializing before, you know, to your point, to your paper, things rapidly defancialize.
(01:33) Yeah. I I love that it's d drawing people in like Jim Chanos and that there's probably a bunch of people in Tradfi that are looking at it saying that ah this is all a scam and and what they don't realize is that the bottomless pit of fiat and the arbitragees in the fiat world is actually what's creating it.
(01:57) Um so you know if that capital was going to go to somewhere better to go to Bitcoin than some zombie company that was going to be extended just by the fiat system. Absolutely. And I was looking at a chart uh I think it was Crucius's chart of you know Bitcoin at uh $2 trillion as an asset class and then uh the different financial markets that are you know 100x the size of Bitcoin and somebody plotted all of the different uh Michael Sailor you know preferred stock products that he's launching and how it taps into these different markets. Uh and I think that's really fascinating. It's Yeah, it's just Wall Street, you know, getting
(02:31) sucked into the Bitcoin black hole. They think they're in charge, but, you know, we'll see. Yeah, it was it was interesting. I listened there was a podcast that Michael Sailor did where he was in person. the like I don't I didn't recognize guys who were interviewing him but when he he basically gave a 30inut explanation of how they they they basically unintentionally stumbled into this whole dynamic and that it was also and he connected the ideas of why Bitcoin's volatility was particularly attractive to these markets
(03:04) and and that um that it really wasn't a grand, you know, it wasn't an idea that he had when he started getting, you know, interested in Bitcoin and got orange spilled. It was something that they issued a convertible bond and then through that process realized that there was this whole arbitrage opportunity to suck in and tap more capital. So, totally.
(03:27) And I think what Bitcoin is doing right now to a lot of markets around the world, and I think you've spoken about it, you've written about this, a lot of markets are kind of zombie markets, right? they're they're running out of steam and that's why the money printing has to just continually happen because it's just like they can't they can't get the growth that they need and Bitcoin is like a shock to the system, right? It's like an EKG, right? If the if the patient is is flatlining and dying like as soon as you give a little Bitcoin exposure to a market, you see like rapid uh rapid adoption and and
(03:59) you know, not even adoption, but just like attention, short sellers, people going long, like all kinds of focus just goes right there to Bitcoin. I think it's really cool. Yeah. And that that's one thing that he also talks about with that the short sellers serve a purpose for him that they will then be buyers of his stock when they need him to be buyers of the stock.
(04:25) And so I think that uh and and that will be what we you know not that specifically but talking about the incentives of Bitcoin that create all that frenzy that ultimately create the demand for is what we we'll talk about today. And appreciate you coming on the show. This is episode four. The the first episode will actually be released next week.
(04:43) So by the time this one comes out people have gotten to listen to a few. But this this podcast is focused on mining and energy and all and the convergence of Bitcoin. and the money side of it. And the the first few episodes were were talking about mining in kind of a broad sense. The last episode we went deep on a specific strategy um in the mining ecosystem, specifically upstream natural gas, mining off of upstream natural gas.
(05:11) You're not a Bitcoin miner, are you? I'm not. You're not. I've I've done it just uh as a hobby just on a computer just to to try it out, see how it works. But unfortunately, I I rationalize myself out of becoming a Bitcoin miner. And maybe we can talk about that today. I did the same. Um but you're what you at least in my opinion what I would consider you as an expert in the economic incentives.
(05:35) Neither of us are economists, but we understand the economics of Bitcoin very well. And I think that one of the things that is easily lost in the Bitcoin mining sphere, particularly for people who are legacy energy professionals that see Bitcoin solving problems in the energy sphere, that those make sense.
(06:06) But then when they zoom out and then relook at Bitcoin and what is creating all of this demand for power, they then get reloc. So I think um and this won't be the only discussion on the incentives of Bitcoin, but I think uh or not, I think you had written an article back when we were still both at Unchained. I also think that you were my my first hire at Unchained potentially. Yeah. I mean I I I got the job, you know, in 2019.
(06:32) I just DM'd you on Twitter. I think I actually had heard you on either it was either what Bitcoin did or TFTC uh and just reached out to you and that rest is history. Yeah, we we were very close to hiring somebody else and the