Rob Warren shows how Bitcoin’s proof-of-work, anchored in energy and decentralization, makes it unkillable and turns stranded energy into value.

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

![Center of Hash - Bitcoin EXPERT Reveals Why It’s Impossible to Hack Bitcoin | Rob Warren](https://www.tftc.io/content/images/2025/08/Rob-Warren.jpg)

Rob Warren, Head of Research and Education at Bitcoin Park, explains that Bitcoin’s security rests on proof-of-work mining, which issues new coins and validates transactions by converting energy into hashes. This anchors Bitcoin’s rules in physical reality, ensuring the 21 million cap and preventing manipulation. Mining thrives on “liability energy,” stranded, wasted, or underutilized power, making Bitcoin a unique buyer of last resort that strengthens grids and monetizes inefficiencies. While hardware manufacturing and mining pools remain centralized, with Bitmain, Whatsminer, Foundry, and Antpool dominating, ongoing efforts like open-source tools and alternative models point toward greater resilience. Ultimately, Bitcoin was not built to rival Visa but to be unkillable, its strength lies in decentralization, energy use, and the permissionless incentives that make it impossible to hack.

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

“All Bitcoin that exists has come into existence through mining.”

“Bitcoin wasn’t designed to compete with Visa. It was designed to be unkillable.”

“It needs to be hard to make money… there has to be a cost associated with producing the money.”

“Bitcoin demands that you use real energy in the real world if you want to participate.”

“Energy is often a liability. For producers, Bitcoin is a buyer of last resort.”

“You don’t have to understand Bitcoin to mine it, but if you don’t, you risk killing the golden goose.”

“The economies of scale in Bitcoin mining don’t come from hashing, they come from energy strategy and efficiency.”

“Two pools controlling over 60% of the network is essentially two nodes running 60% of the network.”

“Maybe the golden age of mining pools is behind us.”

“Bitcoin’s design works because it enforces discipline through energy, creating a permissionless, censorship-resistant system no one can hack.”

Conclusion
----------

The episode makes clear that Bitcoin’s resilience comes from its grounding in physics: miners must expend electricity to secure the network, tying digital scarcity to real-world cost. This design ensures integrity, censorship resistance, and long-term survival, even as challenges of centralization persist. Far from wasteful, Bitcoin transforms excess and stranded energy into economic value while enabling new innovations like heat reuse. By aligning incentives through proof-of-work, Bitcoin remains fundamentally unkillable, a system where energy and decentralization make hacking impossible.

Timestamps
----------

0:00 - Rob's Background at Bitcoin Park
03:01 - Core Functions of Bitcoin Mining
05:19 - Why Energy Consumption Secures Bitcoin
10:16 - How Bitcoin Mining Machines Work
18:03 - Proof-of-Work vs Proof-of-Stake
25:35 - Permissionless Mining & Economic Incentives
31:16 - Energy as Liability, Miners as Solution
38:51 - Optimal Energy Sources for Mining
49:15 - Machine Efficiency & Depreciation Economics
53:38 - Economies of Scale in Bitcoin Mining
58:07 - Energy Efficiency Hardware Improvements
1:04:57 - Hardware Manufacturing Centralization Risks
1:11:07 - Pool Mining Centralization Risks
1:34:40 - Miners' Role in Promoting Decentralization
1:40:49 - Expert Recommendations for Further Learning

Transcript
----------

(00:05) Rob, welcome back to Bitcoin Park. It's good to be here again. Last time was the uh Texas Energy and Mining Summit. Well, feels like yesterday, but it does now now a couple months in the past. Yeah. And uh so we're joined today by Rob Warren, who is the head of research and education at Bitcoin Park. Talk a little bit about that role. Yeah.
(00:29) So, I I've worked predominantly in the mining industry and have have been really deep in really kind of generally the research and education side of things just cuz we've all been figuring stuff out in public as things do in Bitcoin and jumped on with Bitcoin Park essentially is the the the broadhead of research and education which gives me the opportunity to do exactly um exactly what I'm doing but in the context of now the whole Bitcoin space, which is fantastic because it's not just exposure to mining, but it's also introductions to folks that are, you know, working on the human rights side of Bitcoin, who are working on the
(01:05) technical side of Bitcoin, the payments, the custodies. So, it's it's really kind of a a whole new aspect of uh of work that's opened up, which I love. And in addition to work at Bitcoin Park, which were now members of the organization. That's right. Here in Austin, uh, happy members.
(01:30) You also wrote a book, The Bitcoin Miners Almanac. That's right. Yeah. And in my view, you know, we're friends, but also just in the discussions that we've had, you um have a well-rounded perspective of granularly, you know, how a Bitcoin mine works, what the inputs are, Bitcoin at its broadest sense as a money network, and um the combination of those for these early episodes of this podcast.
(01:59) you know, you were one of the one, two, and three people on my list to to record the first episodes to kind of lay some groundwork of not just going into Bitcoin mining 101, but painting a broad structure of the critical aspects of um how Bitcoin mining works, the energy components of it, why it's important to the system.
(02:24) And today I want to kind of dive deeper into the the energy side of what is actually happening, you know, in terms of why the energy is important to Bitcoin. Also some points around centralization. But before we get into those kind of deeper points, I want to hear you articulate because we've had conversations in the past about how there's there's bad analogies of what Bitcoin mining is or isn't. Mhm.
(02:53) One of which is that Bitcoin mining is a is a battery or Bitcoin's a battery. Um whether it's proof of power, but but just talk a little bit about, you know, from your perspective, the function of mining to the Bitcoin network and why it's important and what it is. Sure. Sure. Well, I mean, as as most things are, it's always good to go back to the source document and kind of understand how things were understood at the earliest days of Bitcoin. So functionally, Bitcoin mining does two things.
(03:23) It allows for the issuance of new Bitcoin. That that to us is called the block reward. So approximately every 10 minutes a block is found. You find a block, you are rewarded with something. You're rewarded with Bitcoin. That is a way to get Bitcoin into the world. You need a way to essentially distribute Bitcoin so that people can then have some utility.
(03:46) they can whether that's holding or spending or whatever they do with it. All Bitcoin that exists has come into existence through mining. The next thing that you need to do is you need to be able to transact with the asset. So you need to be able to actually send it to people and that's the second part of Bitcoin mining which is settlement.
(04:05) So, it's the ability to actually submit a signed transaction to the memp pool, have it included in a block, which then the miners are given a small reward for, which is the the fee that you pay to transact on the Bitcoin network. And fundamentally, that's the two things that Bitcoin mining does from a from an operational from a functional perspective in uh in Bitcoin.
(04:24) And it's where we stand today is really worlds apart from where we were in the days of the white paper. And it's almost unrecognizable to look at Bitcoin as of 2025 and try to compare it to what it was in in the earliest days, the 20 odds, right? For one, the biggest difference is that when we talk about what a node is, Satoshi refers to a node as a node that is actually doing mining. And where we stand today, functionally, that's extremely rare.
(04:59) Now, it's it's coming back and I'm sure we'll we'll hit on this when we talk about the decentralization point. But it's interesting how you you can learn a lot about the present by actually going to the original source documents, the white paper, and then understanding, okay, well, what's different and what's the same and how do we hold true to what was actually, you know, given to us in the white paper to make sure that we're really we're really um appropriately stewarding this thing, this Bitcoin thing as we build on it in the future.
(05:24) And so what is it about the mining function and specifically energy that you view or why is it critical to the system? Like why is this function critical to? So if they're if they're doing if if Bitcoin miners are functionally doing two things, validating currency transactions and validating the fixed supply of the currency, why and how is the mining function critical to that? But at a lower level, what is the function of energy and energy consumption within there? That's such a big question.
(06:06) It's such a big question and it's really interesting because when you when you look at the earliest conversations on something like the the Bitcoin talk forums where a lot of folks who are household names in Bitcoin are trying to figure out what is the extension or what is the natural growth path of Bitcoin.
(06:33) There are only very small glimpses into what the future of the mining sector would look like. There are some references to when I run my computer, it heats up my room. Um, there's references to the noise, you know, how how noisy your computer gets if you happen to be running your Bitcoin client and and it's mining and your computer is now wrapped up operating at 100% all the time.
(06:52) Um, but it was I'd argue that it's not really something that we have a fully fleshed out theory of. It's something that we're actually living through the history of right now. And fundamentally it all reduces to this this truth which is that to win a b


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


Trump’s Fed clashes and rising deficits expose a politicized system, while Bitcoin stands as the only independent policy.

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

![Bitcoin Alpha - Trump & The Fed Just Triggered a Massive Bitcoin Move – 26 Days Left!](https://www.tftc.io/content/images/2025/08/Bitcoin-Alpha-E010.jpg)

Trump’s public theatrics against the Fed, including pressuring Powell, targeting governors, and appointing Stephen Myron, show how monetary policy is now fully political. With U.S. interest costs surpassing $1 trillion and deficits at $2 trillion, the idea of an independent Fed is collapsing into a Treasury-Fed merger resembling a wartime economy. In this environment, Bitcoin stands alone as the only independent monetary policy, immune to political coercion, while institutions like Harvard signal its growing legitimacy by allocating to ETFs. At the same time, private innovation continues, Block’s new modular mining rig challenges the hardware duopoly and shows how Bitcoin infrastructure can advance regardless of state theatrics.

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

“The global monetary system should not be beholden to the whims of theatrics between a sitting president and the Fed chair.”

“Bitcoin is the only truly independent monetary policy in the world right now, governed by math and physics, not politics.”

“Trump’s clearing house at the Fed shows us: meet the new boss, same as the old boss, different context, same consolidation of power.”

“There’s no Bitcoin CEO for the White House to bully. The U.S. government has to pay the market price like everyone else.”

“Harvard’s $100M ETF buy is a seismic signal. In the endowment world, Harvard is the BlackRock of higher education.”

“If Proto’s rigs really last 10 years with modular upgrades, that saves miners 20% on fleet refresh. That’s massive.”

Conclusion
----------

The U.S. is drifting toward empire-style finance, where deficits, consolidation of power, and politicized Fed decisions undermine any pretense of independence. Bitcoin remains the only monetary system resistant to manipulation, offering certainty in contrast to political chaos. Institutional adoption and hardware innovation show that while governments tighten control, Bitcoin continues to grow outside their grasp, positioning itself as the neutral anchor for the future.

Transcript
----------

(00:00) The following is forformational and entertainment purposes only and should not be construed as financial advice. This discussion is a presentation by 1031, the leading institutional investor focused on the Bitcoin ecosystem. 1031 has over 10 years of experience in Bitcoin and has deployed nearly $150 million into the leading opportunities in the space. To learn more, visit 1031.vc.
(00:25) And uh it looks like it's about 3.1 billion. went up a little bit or a lot. Uh, so the 2.7 is now 3.1. I'm not aware of that. Yeah, it just came out. Yeah, I haven't heard that from anybody. Yeah, it just came out. Our about 3.1 as well. 31 3.2. This came from us. Yes. I don't know who does that. You're including the Martin renovation. You just added entire capital. Yeah, you just you just added in a third building is what that is.
(01:02) That's a third building. No, but it's it's a building that's being built. No, it's been it was built five years ago. We finished Martin 5 years ago. It's part of the overall work. It's not new. So, we're going to take a look. We're going to see what's happening. Uh, and it's got a long way.
(01:23) Do you expect any more additional costs? Don't expect them. Uh we're we're ready for them, but we we have a little bit of a reserve that we'll we may use, but no, we don't expect to be finished in 2027. Um I must admit, I saw a bunch of the clips on X and other parts of the internet. Never saw that part of the conversation. Didn't realize he was calling out line items of the renovation to him in person.
(01:48) Yeah. I I uh I gotta say some of the best whatever you think of Trump um and there there's a lot that can be said about Trump, the man has delivered some of the most iconic political moments of certainly this century. And I think that's that's a top fiverr for me without a doubt. It's so entertaining.
(02:12) I mean, I've I said before uh that I would have paid to see like big brother White House or something like when Joe Biden was in the the the White House just to like see what he was doing on a dayto-day basis. But I would probably pay more to see like big brother White House and just watch Trump all day. Brought in Tim Scott as the muscle to be like, "No, no, it's 3.1." Yeah. Right.
(02:37) who by the way doesn't have a hard hat on. Like the hard hats really make the whole thing that they're standing there in these hard hats and Tim Scott's right next to them with no hard hat. What's the what's the wardrobe choices? Like I mean the the theatrics behind it is uh you know it's something to behold. This is the setup for that.
(02:54) Like they're like okay we're going to we're going to put you on TV and just humiliate you in front of TV. So like get ready here here it comes. And we skip the part where he slaps his back at the end and says, "This guy's this guy's about to go lower interest rates." Um, some some really, you know, some some middle school uh hallway bully power games uh going on here.
(03:17) Well, it reminds me of the one there was one where he was in the was it was it the White House lawn where there was a lot of uh I think they were construction workers hanging around the background and uh they were going after Pal again or was that a different was that someone else? Yeah, we got uh I got lamb I think I talked about this I forget if it was here or RHR but I brought it up.
(03:41) We had cold opened with it on RHR and I made the uncou statement of why is uh why is Donald Trump asking construction workers about interest rate policy? It's probably not their core focus and had a bunch of construction workers on the YouTube comments saying, "Hey, I'm in construction and I understand interest rates." But yeah, that was a that was a scene as well.
(04:06) The fact that the fact that we can't even fully remember all the details of all the different times Trump has publicly uh limbasted or tried to humiliate or otherwise uh viciously critique the Fed chair. I think shows uh is a good indication of where we are right now with uh monetary policy in the US and its relationship to uh the rest of the government, the Treasury Department, etc.
(04:26) Yeah, it's a and just the news cycle, right? Because like when was this? This was It feels like forever ago. We put out our artisal alpha, you know, once every few weeks or once every month or we'll just see. But this seems like it was forever ago. I know it was it occurred since the last time we did Bitcoin Alpha. It was like, you know, a few a few days or maybe a week after the last episode of this.
(04:57) And I I remember um being very frustrated because I knew as soon as I saw it like that's the ultimate cold open and we just missed the chance to do it on the last one. So uh here we are back again and uh even though it's a few weeks old I think it's still it stands the test of time. It does and John I think you used the perfect word earlier theatrics.
(05:15) Uh and I think it's an incredible juosition of the world that we operate in and why we operate in this world. Many don't realize the global monetary system should not be beholden to the whims of the theatrics between a sitting president and sitting chairman of the Federal Reserve. That is essentially what we just witnessed was bullying tactics.
(05:39) For those who don't recall, they were there at the construction site as the government was trying to find a roundabout way to fire pal. Um, and I think at one point they were trying to pull the technicality of the Federal Reserve wasting money, taxpayer money with that that renovation they were doing on the reserve building in DC.
(05:58) Uh, theatrics, it's been happening between Powell and Trump since before Trump was even elected. And we're in the middle or tail end of the summer doldrums. I think this is like really the peak summer doldrums, but it ends next week. We've got Jerome Pal and others in Jackson Hole, Wyoming for their annual event.
(06:24) There will be no interest rate policy decisions made this month outside of some very extreme market volatility which doesn't look like it's going to materialize, but it's it's a pretty boring week. I think markets are down, Bitcoin's down, and I think it's just due to the overall uncertainty of the result of the theatrics that we've been seeing play out over the last 16 months.
(06:44) Yeah, I mean it's the theatrics word, you know, to stick with that. Um, I I do think is relevant to just kind of consider, you know, the the nature of where we are with the system. I think it's in some ways like instructive um for, you know, you could say Trump is violating norms and many people have made that um that case both in this in this term and his prior term.
(07:11) um and he's not, you know, respecting the the system and the way it's set up. Um, but I think it's it's interesting and notable that we this pulls back the curtain a little bit on the fact that this is a system where you know I think we have a it's easy to have a view especially coming from say mainstream academia from your college classroom um from working whether it's on Wall Street or corporate America a bunch of different kind of white collar jobs it's it's kind of very easy to imagine that the the men behind the curtain have uh
(07:42) have it all figured out And um you know they have all the dials properly calibrated and um you know they're they're sitting up there on uh you know Mount uh whatever Mount Olympus or Mount Marin Mariner Eckles building as the case may be in this in this situation and you know dispassionately evaluating every all the data flow that they're getting um and just making the the right decision at all the time or as right as possible based on the data they have with no kind


Miljan Braticevic argues Nostr and Bitcoin offer the only path to true online sovereignty.

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

![TFTC - Insider Reveals UK's Secret Plan to Freeze Your Savings & Censor You! | Miljan Braticevic](https://www.tftc.io/content/images/2025/08/Miljan-Braticevic.jpg)

The episode highlights the UK’s escalating internet controls, age verification laws, VPN bans, and censorship, and their implications for personal freedom, framing open protocols like Nostr as the only real alternative. Unlike closed platforms dominated by corporations, Nostr distributes power across thousands of relays, giving users sovereign control over their identity, money, and speech. Braticevic points to innovative use cases such as Jack Dorsey’s mesh-network “Bit Chat,” AI-driven app creation, and Bitcoin micropayments, arguing that Nostr’s openness, not just censorship resistance, is the true breakthrough. He likens the ecosystem’s small but passionate user base to Bitcoin’s early days, noting that its resilience and flexibility make it uniquely suited to outlast and outperform closed networks.

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

“Once you go down this path of trying to control everything, where does it end? We want to be free.”

“Open protocols give us that chance to fight back and resist… with closed platforms, one rule change is the end of the story.”

“We’re not fighting the existing system, we’re building a new one and enabling people to join if they wish.”

“This type of architecture is extremely resilient and hard to stop… Nostr is about building an internet worth having.”

“Nostr in my mind has no competitors. If you want a truly sovereign network where users hold the keys to their existence, this is it.”

“The killer feature of Nostr isn’t censorship resistance, it’s openness. Data can be recombined in endless ways to build experiences impossible in closed silos.”

“AI, Bitcoin, and Nostr together form an extremely exciting intersection. AI agents will need sovereign money and open protocols to function.”

“We want Nostr to be the best place for creators of high-signal, long-form content… with open monetization models that work across clients.”

“The passion of Nostr’s early adopters reminds me of Bitcoin in the early days, it’s the strongest signal that this will endure.”

“If you’re in the UK or anywhere facing these policies, get on Nostr before you need it. You already need it.”

Conclusion
----------

This episode underscores the urgent stakes of today’s digital landscape. As Western governments like the UK pursue aggressive censorship and control, the choice becomes stark: submit to closed systems where accounts and speech exist at the mercy of authorities, or embrace open protocols that guarantee sovereignty. Miljan Braticevic presents Nostr as the foundation for a new internet, one built on openness, interoperability, and Bitcoin-backed incentives. Though adoption is still small compared to mainstream platforms, the passion, creativity, and steady infrastructure growth mirror Bitcoin’s own trajectory. The episode’s core message is clear: resilience and freedom must be built proactively. By adopting Nostr, supporting open-source tools, and experimenting with these systems now, individuals and creators can prepare for a future where sovereignty over money and speech is not optional but essential.

Timestamps
----------

0:00 - Intro
0:31 - Creating freedom apps
12:29 - Who runs the relays? Not comparable to Bluesky
17:53 - Bitkey & Unchained
19:34 - Boostrapped by bitcoiners
24:47 - Primal features tease
33:52 - Obscura & Opportunity Cost
35:17 - UK going full Orwell
42:00 - AI - open source models and open data
54:23 - Nostr as marketplace - also the Great Intersection
59:49 - Looking forward over the next year
1:04:32 - Fountain
1:14:45 - Primal publisher

Transcript
----------

(00:00) Once you go down this path of trying to control everything, where does it end? We want to be free. People who like to censor and all these monstrous organizations, they're doing their thing and we're doing our thing. We're just building a new system and enabling people to join them as they wish. The majority of the internet is controlled by five corporations.
(00:20) Open protocols give us that chance to kind of fight back and resist us. The bar for usability is being set by these multi-billion dollar companies who've been at it for, you know, 10 years plus. \[Music\] Million, is it me or is the world going crazy? I guess those two are not mutually exclusive, right? But uh the world's getting crazier by the day for sure.
(00:47) Yeah, more interesting, more chaotic. Yeah, it feels like uh feels like we're we're at like a hard not a hard fork, but like a fork in the road and there's things are incredibly exciting, powerful, and optimistic. And then you have other things like uh I originally reached out was like three or four weeks ago you were on a little vacation.
(01:21) So we scheduled it for this but it was talk about the UK aid verification laws censorship and the importance of open protocols like Noster but things have just escalated since then. They want to ban VPNs now. Totally. I mean once you go down this path of trying to control everything like where does it end? You you kind of really need to uh you know close all the exits as they like to say all the escape routes. Yeah.
(01:46) Well, I mean it ends uh I don't want to smirk here but it ends typically with campsuffering mass death if you continue continue down the path. That's why it's important to leverage the tools that we have today in terms of open protocols um and the communications technology to get the message out. That's the big agreed.
(02:13) That's the big question I have is like are we at a point in human history where we have all these tools at our fingertips? Can we actually use them to prevent at least in western society the devolution into pure Orwellian socialist communist authoritarian hellscape? Well, the open protocols give us that chance, right? Like if if we're clos if we're using the legacy closed systems, we just don't have a chance, right? Like because that's a single throat to choke.
(02:47) If uh any government uh makes any new rule that forbids uh you know certain type of speech um if you're dealing with a closed platform it's the end of the story you know they'll just have to tell X or whoever you know close this down and companies need to apply comply and that's the end of it that content already exists only exists behind their kind of wall in their walled garden since they fully control it they and they certainly can comply and the governments know that.
(03:22) Uh when it comes to open protocols, I don't think we automatically win by default just because we're using open protocols. Open protocols give us that chance to kind of fight back and resist this. But there's still quite a bit of work uh that needs to be done um by a lot of people to um to win, so to speak. And I'm not like super gloomy about all of these things that are, you know, that we're seeing everywhere.
(03:50) Um, I kind of look at it more from the point of view of, hey, this is, you know, this is a test for us. This is something that's uh that's giving us an opportunity to grow, to uh step up, assert our own sovereignty uh over our online lives, over our wealth, our money, our transactions, and so forth.
(04:15) Um there are a number of us who build tools uh for people who wish to step up and use them and uh like I said we we get that opportunity and it's up to us to see how we're going to use the tools uh to assert our our sovereignty. Yeah. Somebody on the the bleeding edge of the open protocol that is Noster, what are what are some of the unique ways you've observed people not only leveraging Primal but just leveraging Noster to really stick a eye in the or needle in the eye of sensors or creating cool applications that that leverage Nostra relays in some way to create
(04:57) robust applications that that are very hard to censor. Yeah. I don't even think it's about sticking a needle in the eye of anyone, you know. It's just like we we want to uh be free. uh we you know the people who out there who would like to censor and all these you know monstrous organizations they're doing their thing and we're doing our thing.
(05:20) We're we're not necessarily fighting the existing system. We're just building a new system and uh enabling people to join them as they wish. Right. And to answer your question, lots of new stuff being built all the time. Uh a lot of it is really exciting. Um, you know, not even talk about Primal.
(05:44) So, outside of Primal, the the cool things we've seen on Nostra recently, um, is, uh, for example, Jack Dorsey's Bit Chat, uh, app, which he vibe coded over a weekend, which uses uh, Bluetooth enabled mesh network to communicate with devices that are in close proximity to you.
(06:13) close proximity meaning you know 20 30 mters maybe 100 ft or so and then you know you can so you can kind of relay messages directly uh to one another without even needing an internet connection and then when any one of these users gets an internet connection they can you know upload those signed messages to any relay and then replicate them further.
(06:40) So this is a really neat use case which I think uh this kind of network topology I think is extremely um appropriate for Nostra. It's Noster is perfect for this because the protocol is so simple and it's comprised just out of signed messages and each of these signed messages exist can exist on its own. kind of has meaning just uh each individual message on its own kind of stands uh on the firm legs so to speak so to speak.
(07:13) Uh so the more of these messages you have the more you sense you can make out of the network and uh you can broadcast them you know to those that are close to you. You can broadcast them to relays. You can index them. Index them and so forth. If they get deleted from any relays, you can repost them to other relays. This t


Marty's Bent
------------

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-1.png)

via [StockMarket.News](https://x.com/_Investinq/status/1958554460566806750?ref=tftc.io)

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/martybent_a_well_dressed_man_driving_past_data_centers_in_the_d_31472b71-a9ee-4b2a-8705-c3c1f0f6ef40.png)

While everyone and their mother is focused on Jackson Hole in anticipation of Federal Reserve Chairman Jerome Powell's speech later this morning I want to draw your attention to the chart above. The financial system is more levered than it has ever been at the same time that the pressure on Jerome Powell and the Fed to lower interest rates and inflation is starting to rear its head again.

If I'm being honest, I'm not sure exactly how to read this. My intuition says that leverage is high because of the stealth stimulus that has been entering the market over the course of the last few years via the Treasury hammering issuance on the short end of the yield curve. Yes, in nominal terms margin debt is at an all time high, but if you look at it in real terms it is still below 2021 levels. Though, it is quickly approaching those levels.

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-2.png)

via [StockMarket.News](https://x.com/_Investinq/status/1958554530322264345?ref=tftc.io)

The question lingering in my mind is whether or not we see a melt up in financial assets and leverage alongside with it, or will gravity come into play at some point in the short to medium-term and force a material correction? When you consider the Trump administration's focus on AI - it has been explicitly identified as a national security issue that necessitates a "win at all costs" response, coupled with the strong desire to keep the Republican majority in the House and the Senate in next year's mid-term elections, the prospect of a melt up scenario seems somewhat likely. One thing is certain, the Trump administration is certainly going to try.

When they do inevitably try, we will see if we are truly moving into new territory because all of the indicators that signal a market top are getting very red and very loud. Just take a look at cyclically-adjusted P/E ratios.

![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/image-3.png)

via Simon White, Bloomberg

Regardless of what ultimately happens, this is fundamentally bullish for bitcoin in the medium to long-term. If we get the melt up scenario, bitcoin will benefit massively as individuals, investors, institutions and idiots alike seek safe haven in hard assets. If gravity comes into play, bitcoin is likely to correct a bit before the dust settles. At which point, many people will be starkly reminded of the insanity of the incumbent financial and monetary systems yet again and a new wave of bitcoin adopters will enter the market. Joining the steadfast hodlers who understand what they own.

Stay vigilant out there, freaks.

### Bitcoin's Energy Consumption is Not Waste

Phil Geiger makes a compelling case on Parker Lewis's Center of Hash that Bitcoin's energy consumption serves a vital purpose - it's the first monetary system to solve the problem of money printing through absolute scarcity. As Phil explains, Bitcoin's 21 million supply cap represents humanity's first truly fixed monetary supply, making it fundamentally different from every other form of money that can be debased. This scarcity only works because it's secured by real-world energy consumption, creating an unbreakable link between the digital and physical realms.

> "Money is the most fundamental form of communication that humans have. You can use money to communicate value across different cultures without even speaking the same language." - [Phil Geiger](https://x.com/phil_geiger?lang=en&ref=tftc.io)

Phil contrasts Bitcoin with other cryptocurrencies, arguing their energy use is wasteful because they don't solve any fundamental problem. Bitcoin's energy consumption directly secures the network against manipulation and enforces the monetary policy that makes it valuable. Parker reinforces this throughout, noting how this direct use of energy for monetary security is unprecedented - unlike gold mining or Federal Reserve operations, Bitcoin creates an explicit, measurable relationship between energy and monetary integrity.

Check out the [full podcast here](https://youtu.be/bi9iMEetMK4?ref=tftc.io) for more on mining pool centralization, fee market dynamics and Bitcoin's self-regulating difficulty adjustment.

* * *

### Headlines of the Day

DOJ Won't Target Decentralized Crypto Developers - via [X](https://x.com/WatcherGuru/status/1958607763249991972?ref=tftc.io)

DOJ Demands Fed Fire Governor Lisa Cook - via [X](https://x.com/WatcherGuru/status/1958595395514237300?ref=tftc.io)

Pennsylvania Introduces Bitcoin Ownership Ban Bill - via [X](https://x.com/TFTC21/status/1958606584567013859?ref=tftc.io)

Buenos Aires Accepts Bitcoin for City Payments - via [X](https://x.com/TFTC21/status/1958571300261437924?ref=tftc.io)

Treasury Proposes Digital IDs for DeFi Transactions - via [X](https://x.com/TFTC21/status/1958563270908170411?ref=tftc.io)

* * *

### Obscura – The World’s Best VPN Built by Bitcoiners

Created by Carl Dong (former Bitcoin Core contributor), unlike other VPNs, it _can’t_ log your activity by design, delivering verifiable privacy you can trust.

[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/08/Obsura-3.png)](https://obscura.net/?ref=tftc.io)

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Now available on **macOS, iOS, and WireGuard**, with more platforms coming soon — so your privacy travels with you wherever you go.

* * *

_Ten31, the largest bitcoin-focused investor, has deployed $200M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at_ [ten31.vc/invest](https://ten31.vc/invest?ref=tftc.io)_._

* * *

**Final thought...**

The hurricane swells are epic on the East Coast right now.

Enjoy your weekend, freaks.

* * *

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[![The System is More Levered Than Ever](https://www.tftc.io/content/images/2025/03/yt.png)](https://youtube.com/@TFTC?feature=shared&ref=tftc.io)

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Michael Howell warns the liquidity cycle is peaking, debt risks are rising, and gold and Bitcoin are key hedges against monetary inflation.

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

![TFTC - 40-Year Wall Street Vet Warns: 6 Months Before the Bubble Bursts (Bitcoin Next?) | Michael Howell](https://www.tftc.io/content/images/2025/08/Michael-Howell.jpg)

Michael Howell warned that the global financial system is nearing the peak of its liquidity cycle, with debt refinancing risks mounting as trillions in cheap, long-dated obligations begin to roll over. The Fed and Treasury are effectively engaged in stealth yield curve control, suppressing volatility to keep the system stable, but this path risks “Japanification” and entrenched monetary inflation. With 80% of global lending collateral-based, stability in Treasury markets has become critical, while China’s aggressive liquidity injections and gold monetization signal a shift toward hard assets. Howell argued that gold and Bitcoin stand out as essential hedges, with Bitcoin’s strategic value rising as an independent, long-term safe asset outside government control.

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

“Almost every financial crisis, if you look back, has been a debt refinancing crisis in some way.”

“In 4,000 years of recorded interest rate history, there’s no mention of zero rates, until COVID.”

“What they want is yield curve control. They can’t afford volatility in collateral markets because 80% of global lending now depends on collateral.”

“If I’m optimistic about gold, I have to be optimistic about Bitcoin.”

“What would happen if you could only invest in short-dated government debt or Bitcoin?”

“The U.S. may be the cleanest shirt in the laundry, but it’s still in the laundry.”

Conclusion
----------

Howell sees the system entering a dangerous phase where liquidity is peaking, debt pressures are intensifying, and policymakers have few tools left beyond suppressing volatility and monetizing debt. This will drive monetary inflation, erode real wealth, and make hard-asset hedges indispensable. Gold and Bitcoin, he argues, are positioned to benefit most, with Bitcoin in particular evolving from a liquidity-sensitive risk asset into a strategic safe haven in a world of accelerating debt cycles and weakening fiat credibility.

Timestamps
----------

0:00 - Intro
1:12- Big day at Jackson Hole
7:57 - Bessent’s contradictions
14:03 - Yield curve control
18:35 - Bitkey & Unchained
20:16 - AI and global liquidity cycle
35:01 - Stablecoins
38:44 - Obscura and Opportunity Cost
40:09 - Mechanics and future of liquidity cycles
46:42 - Questioning AI productivity
52:18 - China’s influence on liquidity cycle

Transcript
----------

(00:00) If you look at the last 5 to 10 years, we've labeled that the everything bubble. Fed liquidity was up 350 billion. The broad balance sheet fell by about 250. You've got liquidity and the balance sheet going in opposite directions. We're talking about taking 3 to400 billion out of money markets.
(00:18) Disconnection from financial markets and the real economy. Almost every financial crisis, if you look back, has been a debt refinancing crisis in some way. 80% of all lending worldwide now is collaterally based. Nowhere in that book is there any mention of zero interest rates. So in 4,000 years we haven't had it, but we did have it in CO. It's a form of yield curve control.
(00:37) What they'd like is JPAL to come interest rates. The US may well be the cleanest shirt in the laundry, but you know, hey, it's in the laundry. We are reaching a peak 6 months, 9 months time. We're clearly getting late in the cycle. Stable coin are a great mechanism to buy treasuries, but it basically creates a sort of virtual circle.
(00:53) So it's effectively printing money. What would happen in the world if you could only invest in shortdated government debt or you can invest in Bitcoin? Why was 2024 so depressed? The Chinese were trying to shadow a strong dollar and they couldn't do it. I'm very optimistic of gold. If I'm optimistic of gold, I got to be optimistic of Bitcoin.
(01:13) Michael How, thank you for joining me again. Big day. Yeah, big day today. Big day out in Jackson Hole. Everybody's waiting with uh baited breath to see what Jerome Pal is going to say. I was watching uh I couldn't sleep this morning. I woke up at 3:30 a.m. and just decided to get up and start working and have been watching CNBC and it's been funny watching their commentary.
(01:37) A lot of back and forth I think considering that this meeting is happening today. Um we'll post this on Monday and so I guess the pressure is on to sort of predict what Jerome Pal is going to do. How would you describe his current predicament and what he may or may not do later today? Well, I think it's it's it's clearly a difficult situation.
(02:01) You know, they uh they always say as an old Irish joke that um where they say to travelers, how do you get from here to Dublin? And the answer is uh well, if I was going to Dublin, I wouldn't be starting from here. And I think that, you know, that's pretty much what I would describe the Fed situation is.
(02:20) I mean Jerome Pal is in a difficult situation given the uh the sort of push back or aggressive push back he gets from the administration. Uh I mean that's for sure. U but I think the other thing is that they kind of painted themselves in a corner a bit. I mean on most on most counts rates should be lower than they are. I think he finds it difficult now to probably admit that.
(02:38) Um so there is some resistance but I think you can see within the FOMC uh there is a growing uh willingness I think to cut interest rates. I think given what's going on internationally and uh with rates and maybe as well what's happened lately to the dollar the rally uh the weakening in the US economy. I think there's grounds for for rates to be cut. That's for sure.
(03:01) I think the more difficult question, which is, you know, something I'm sure we're going to dig into, is really what happens to the Fed balance sheet, uh, the Fed operating system, you know, looking at longer term because they've been promising us some information about the new operating, uh, uh, procedures of the Fed for a long time now and nothing's come out. So I kind of expect or maybe maybe think that they're going to do something announce something at Jackson Hole about the new operating procedures that they've been talking and thinking about for some time now. Uh that that may come out in an
(03:31) announcement. But I think the the the more fundamental question is what happens to liquidity and really the size of the balance sheet. And I think that's relevant given the fact that if you look over the first six, seven months of the year, uh Fed liquidity, the amount of money that the Federal Reserve injects into money markets, actually was up 350 billion.
(03:59) Uh even though the overall balance sheet uh itself, the broad balance sheet fell by about uh 250 billion. So you've got liquidity and the balance sheet going in opposite directions. And that's kind of because uh there are you know other ways of injecting liquidity into the system apart from the headline balance sheet um you know number uh and that's things like the treasury general account the reverse repo program uh etc.
(04:19) And they've been actually positively buzzing and actually adding money to markets which is why risk assets have kind of done so well over the last few months. Uh the question is that if the Treasury is insisting on rebuilding that account, their account at the Fed, the Treasury General account which was forcibly run down because of the debt ceiling, if that now is rebuilt in the second half of the year, then a lot of liquidity is going to come out of markets.
(04:43) Now, that's what investors are fearing. I don't think it's going to come to that because I just don't think they're in a position where they can do that. And that's why I say I think the Fed has kind of painted itself into a corner a bit here. Yeah. in terms of choreographing or making the market aware of new operations.
(05:02) Can we dive into that in in terms of what they may or may not change or what the market is looking for them to change? Yeah, I think that a lot of the market talk is really about whether they're going to change, you know, average inflation targeting to, you know, maybe change the nuance of that.
(05:21) Could they, you know, change the symmetry in uh in that in that gold? That could be done. um you know for example I think that that's one of the things that is sort of high on the agenda as a change um there could be more technical things about um uh uh about how their operating procedures are changed I mean that that may be necessary but I would say you know one of the things that may come in and this has been mooted in terms of what the Fed has wanted to do is maybe they're going to announce that they're going to be uh a bigger buyer of Treasury bills in the market uh than
(05:52) they have been now one of the things that was suggested or has been suggested uh in speeches over recent months is that the makeup of the uh Federal Reserve's holdings of government debt the uh the SOM account, the so-called SO account is generally vested in longer duration treasuries. So things like 10-year notes for example, and that's not really um the sort of representative of the average mix of treasury debt uh out there in the market.
(06:23) uh there's as you know there's been a lot of very very short-term issuance uh operating particularly under Yelen but you know Scott Besson's continued that and so the treasury is slated to issue a lot more bills now on the one hand that's uh you know playing to this whole argument about stable coins being big buyers of treasuries in the future and they like bills sure I I go along with that but then the Federal Reserve should be matching if you like in it hold in its sr account u the average uh mix of debt in the market and the moment they're not
(06:55) uh their s account is too heavily weighted to longe


The Fed-Treasury merger unleashes unprecedented money printing.

### U.S. Government Will Consolidate Power Between Fed and Treasury to Enable Money Printing - Bitcoin Alpha Panel

![This Week's Top Predictions](https://www.tftc.io/content/images/2025/08/terribletrader_Abstract_visualization_of_wealth_transfer_gold_e7c8d092-c521-402a-af4a-5f814cf82096_3.png)

The Bitcoin Alpha team predicts the Trump administration will effectively merge Federal Reserve and Treasury functions to maintain fiscal dominance as deficits exceed 6% of GDP. With interest expense now exceeding $1 trillion annually and representing over 100% of receipts in some months, the government faces an impossible math problem without dramatic monetary intervention.

"They're trying to merge the Fed and the Treasury to make sure that they can achieve their economic goals," I observed during our discussion. The public feuding between Trump and Powell, including the bizarre construction site confrontation, represents theater masking a deeper reality - independent monetary policy cannot survive when the sovereign faces a funding crisis. History shows no government has chosen default over debasement when pushed to the brink. The team expects this consolidation to accelerate money printing beyond anything seen previously, making Bitcoin's fixed supply increasingly attractive.

### Bitcoin Will Reach $1 Million and Gold Parity Within This Cycle - Tuur Demeester

Tuur Demeester believes Bitcoin is heading toward $1 million per coin, which would represent approximately 11 kilograms of gold - the point at which Bitcoin's total market cap equals all the gold in the world. He argues this isn't just another four-year cycle but potentially an extended bull market lasting an additional year to 18 months beyond typical patterns.

"I think that's the next magnet," Tuur explained, borrowing David Bailey's term for psychological price targets that pull markets forward. The confluence of ETF adoption, treasury companies accumulating Bitcoin, and nation-state interest creates unprecedented demand drivers. With real inflation running between 10-15% annually according to his analysis, Bitcoin's role as pristine collateral is becoming undeniable. He notes that even after selling 80,000 Bitcoin recently, the market only dropped 4% - a sign of extraordinary buying strength that suggests this cycle has much further to run.

### Bitcoin Mining Will Become Fully Integrated With Energy Generation Within 10 Years - Phil Geiger

Phil Geiger predicts that Bitcoin mining will evolve from a standalone industry to become completely integrated with energy production at the source. He argues that mining ASICs will function more like demand response tools similar to batteries, but with zero energy loss in transmission and instant monetization capabilities.

"I view it more as Bitcoin mining is more of a component of the energy production industry or a tool that any energy producers can use," Phil explained on Center of Hash. He points to renewable energy operations where 20% of generated electricity goes to waste during peak production as the perfect use case. As the Bitcoin network continues to demand the cheapest possible electricity, miners will naturally migrate to these stranded energy sources. The permissionless nature of the network means any energy producer globally can immediately monetize excess capacity without negotiating contracts or building transmission infrastructure. This transformation will make Bitcoin mining less of an independent industry and more of a standard feature of energy infrastructure.

* * *

[![This Week's Top Predictions](https://www.tftc.io/content/images/2025/04/X-1.png)](https://newsletter.blockspacemedia.com/?ref=tftc.io)

Blockspace conducts cutting-edge proprietary research for investors.

The Big Difference Between Bitcoin and Crypto Treasury Companies
----------------------------------------------------------------

Digital Asset Treasury (DAT) companies—public firms existing solely to hold crypto on their balance sheets—are creating two distinct market structures. Bitcoin DATs show tight mNAV (market cap/treasury value) clustering around 1.3x average, while crypto DATs exhibit wild swings from 0.16x to 1.94x.

**Key Bitcoin DATs:**

*   MicroStrategy: 1.58x
*   Semler Scientific: 1.04x
*   Metaplanet: 1.14x

**Crypto DATs show extreme variance:**

*   ETH: BitMine (1.9x) vs Dynamix (0.16x discount)
*   SOL: UPEXI (1.2x) vs DFDV (1.8x)
*   SUI: Mill City Ventures (1.8x)

![This Week's Top Predictions](https://www.tftc.io/content/images/2025/08/image-4.png)

The divergence reflects fundamental differences: Bitcoin DATs benefit from institutional flows and liquidity, while crypto DATs hold more volatile assets with questionable long-term value. Management compensation tied to AUM percentages incentivizes asset accumulation, particularly problematic for less liquid cryptos prone to reflexive price action.

The trend signals market maturation—Bitcoin treasuries evolving into predictable institutional vehicles while crypto treasuries remain speculative plays. As one critic notes: "Does anyone actually want to own SOL in 10 years?"

[_Link to Full Article_](https://blockspace.media/insight/the-big-difference-between-bitcoin-and-crypto-treasury-companies/?ref=tftc.io)

Subscribe to them here (seriously, you should): [https://newsletter.blockspacemedia.com/](https://newsletter.blockspacemedia.com/?ref=tftc.io)

* * *

_Ten31, the largest bitcoin-focused investor, has deployed $150M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at_ [ten31.vc/invest](https://ten31.vc/invest?ref=tftc.io)_._

* * *

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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\


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/).


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


Steak ’n Shake’s Cuts Payment Fees By 50% With Bitcoin

Steak ’n Shake, said it realized a 50% reduction in payment fees compared to traditional credit cards. The…

Steak ’n Shake, [said](https://paywithflash.com/bitcoin-payments-in-retail-steak-n-shake-enterprise/) it realized a 50% reduction in payment fees compared to traditional credit cards. The chain also said it saw sales spike 10.7% after integrating bitcoin payments.

Founded in 1934, the classic American burger restaurant embraced Bitcoin payments earlier this year across its U.S. and European company-operated restaurants.

This initiative is one of the [clearest examples](https://paywithflash.com/bitcoin-payments-in-retail-steak-n-shake-enterprise/) of Bitcoin moving beyond speculative investment into practical use as a retail payment method.

**Business Drivers Behind Bitcoin Adoption**

With card processing fees continuing to climb—merchants in the U.S. paid $172 billion in 2023 alone—retailers are always looking for ways to improve efficiency.

Steak ’n Shake’s experience confirms Bitcoin acceptance translates into tangible savings, with the company reporting up to a 50% reduction in payment fees compared to traditional credit cards.

In retail sectors where net profit margins typically range from 2% to 5%, halving payment costs can significantly enhance profitability or fund reinvestment in quality, technology, or customer experience.

But cost is only part of the story. Bitcoin transactions settle faster and are immune to chargebacks, offering operational benefits. For payments operations teams, this means fewer disputes, lower fraud risk, and more reliable cash flow—advantages that can reduce overhead and administrative burden.

**Meeting Customers Where They Are**

Perhaps most compelling from a revenue-growth perspective is how Bitcoin acceptance has influenced customer behavior. On the day of launch, Steak ’n Shake accounted for 0.2% of global Bitcoin transactions.

Following the rollout, the company observed a sustained spike in customer traffic, reflecting that bitcoin acceptance meets emerging consumer expectations, especially among younger demographics.

This dynamic underscores an important consideration for retail payment strategists: enabling Bitcoin payments is both a facility upgrade and a customer acquisition strategy focused on engaging tech-savvy, high-value segments increasingly comfortable with bitcoin and Lightning payments.

**Strategic Differentiation for Legacy Brands**

Steak ’n Shake’s decision to place Bitcoin on equal footing with cash and credit cards signals a shift. By normalizing bitcoin payments as a standard option, the company has positioned itself as a future-forward brand willing to adopt emerging technologies pragmatically rather than as a marketing afterthought.

This approach is instructive for enterprises weighing digital payment innovation. Bitcoin is no longer a fringe payment experiment but a legitimate component of an omnichannel payment strategy, capable of enhancing brand equity and competitive positioning.

**Growth Metrics Affirming Cryptocurrency’s Role in Retail**

Broader market data reinforces the significance of Steak ’n Shake’s move. Crypto payment volume surpassed $1.3 trillion in 2024, with projections suggesting retail crypto transactions could exceed $4.5 trillion annually by 2030. Meanwhile, surveys show 75% of U.S. retailers aim to accept crypto or stablecoins within the next two years, reflecting mainstream momentum.

**Implications for Payments Executives**

For CFOs, CROs, CTOs, and payment strategists in retail, Steak ’n Shake presents a real-world benchmark:

*   **Cost Efficiency:** Cutting payment processing fees by half can materially impact margin in a low-margin sector.
*   **Operational Streamlining:** Faster settlements and reduced chargeback exposure improve liquidity and reduce administrative costs.
*   **Customer Engagement:** Meeting crypto-native customers where they prefer to pay unlocks new revenue streams.
*   **Brand Modernization:** Early adoption signals innovation leadership and future-proofs payment offerings.

As enterprise retail continues to digitize payments and diversify rails, the Steak ’n Shake example bolsters the argument for Bitcoin’s maturity as a commerce medium—ready to be [integrated](https://paywithflash.com/integrations/) into global payment portfolios beyond speculation and hype.

> [How Flash Enables Interoperable, Self-Custodial Bitcoin Commerce](https://lightning.news/interoperable-self-custodial-bitcoin-commerce/)