The Mustard Seed—a bitcoin and long-term thinking podcast

Bitcoin’s security assumptions are entering a new era as quantum computing moves from theory toward reality. In this episode, Hunter Beast explains which bitcoin are actually at risk, why most supply remains safe, and how Bitcoin can evolve without compromising its core principles. This is a sober, long-term discussion on cryptography, state-level threats, and why Bitcoin remains the strongest monetary system for the decades ahead.Timestamps:00:00 - Welcome and why quantum matters for bitcoin04:28 - What quantum computers are and why they are different10:13 - How quantum computers break cryptography17:35 - Why quantum risk specifically matters for bitcoin19:44 - Which bitcoin are actually vulnerable today23:28 - Why Taproot changes the quantum threat model27:26 - High-level recap of bitcoin’s quantum exposure30:14 - NSA, NIST, and why government cryptography cannot be trusted32:40 - Why hash-based cryptography may be bitcoin’s safest path40:39 - Broken money, central banking, and why bitcoin matters51:56 - What the bitcoin community should focus on next54:43 - The “quantum discount” on bitcoin’s future value57:39 - Why bitcoin survives even state-level adversaries01:00:06 - Final thoughts and where to follow Hunter Beast

Bitcoin is entering a new phase as the Fed quietly shifts back toward balance sheet expansion and the market begins to reveal which assets can survive a decade of structural monetary distortion. In this episode Joe Consorti breaks down why liquidity is returning, why the four year cycle may be fading, and why bitcoin remains the strongest asset in a world where Main Street weakens and Wall Street inflates. We walk through the signals that matter most for 2026 and why disciplined, long horizon investors should stay focused on bitcoin's role as the apex monetary asset.Timestamps:00:00 – Joe Consorti returns and reflects on past bitcoin calls01:02 – Why the Fed’s new policy feels like 2019 QE-lite03:29 – Market reaction: stocks rip, bitcoin lags05:17 – Trump’s likely new Fed chair and what it means for bitcoin07:35 – Why the Fed’s “brakes” no longer work09:37 – Fiscal dominance: Treasury and Fed become one12:33 – The K-shaped economy explained15:53 – Why the Fed always sacrifices Main Street for Wall Street17:22 – Bitcoin as the escape from financial repression21:04 – Digital credit and how bitcoin flips bond markets25:39 – Bitcoin’s sensitivity to financial conditions28:53 – Why liquidity expansion historically ignites bitcoin31:39 – Credit spreads: the number one risk signal for bitcoin33:11 – Bitcoin outlook for early 202639:11 – Is the four-year cycle dead or alive?44:24 – ETFs and new buyers reshape bitcoin market structure49:38 – Why bitcoin corrections should be shallower this cycle52:23 – Final thoughts and what to expect in Q1

Bitcoin is entering a new phase where old narratives are breaking down and real macro forces are taking over. In this episode, John Haar explains why the halving cycle is losing its power, how corporate balance sheets and global credit markets are setting the stage for explosive long-term adoption, and why 2026 may redefine every prior price cycle.Timestamps:00:00 - Intro and 2025 bitcoin price action & sentiment02:05 - Why this is not a repeat of the 2021 cycle top09:44 - Are halvings still driving bitcoin or are they becoming irrelevant?12:02 - John’s base case: new ATH above $130k in 2026 and the end of the 4-year cycle meme19:15 - Bitcoin vs Mag 7: why it’s still the best debasement trade in a passive world30:24 - Why “credit came before money” makes no sense logically33:18 - MMT, government IOUs, and the push to normalize debt-based money36:27 - What drives the next wave of bitcoin adoption and who joins next40:10 - What credit looks like on a bitcoin standard vs today’s dollar debt system44:52 - How corporate debt issuance is a speculative attack on the dollar48:45 - Bitcoin treasury companies: from overheated hype to “ice cold” sentiment50:25 - Can $300T of fixed income eventually flow into bitcoin-backed digital credit?58:26 - Why strategy is stockpiling 1–2 years of USD reserves for its preferreds59:38 - Catalysts for the next bitcoin bull run into 2026

In this episode, Stephan Livera breaks down how digital credit, Stretch, and amplified treasury strategies are pulling future buying pressure into the present, why Core versus Knots has become more noise than signal, and how miner incentives, spam debates, and quantum FUD fit into the bigger picture. We dig into the power law model, medium-of-exchange progress, and the mechanics behind volatility itself to understand where bitcoin is truly headed as adoption accelerates.Timestamps:00:00 - Intro00:32 - What digital credit actually means02:04 - Digital credit and the speculative attack05:16 - What amplified bitcoin really is06:08 - Why bitcoin’s volatility feels so brutal09:35 - Can past performance predict bitcoin’s future?14:24 - Why the power law model matters15:02 - Will treasury companies amplify volatility?19:42 - Digital credit’s reflexive feedback loop23:53 - Bitcoin Core vs. Bitcoin Knots explained36:53 - Quantum computing: real risk or distant FUD?43:21 - Is bitcoin finally becoming a medium of exchange?47:54 - Are four-year cycles real or just memes?

Bitcoin just had one of its worst days of the year, yet the story beneath the surface tells something far more important. In this episode, Joe Consorti explains why the sell-off may be a sign of strength, how long-term holders are quietly redistributing their coins, and why this cycle is unlike any before. We explore the shifting macro landscape, the rise of socialism as a symptom of broken money, and how concentrated equity markets reveal deeper structural fragility. Joe also breaks down why bitcoin tracks the business cycle more than the halving cycle and why easing financial conditions could set the stage for its next major rally.Timestamps:00:00 - Bitcoin’s second-worst day of 202502:31 - Why $95,000 is the key level to watch10:04 - Why market sentiment feels terrible despite strong equities14:29 - Bitcoin’s “silent IPO” and the great redistribution19:55 - How bitcoin’s wealth inequality is actually shrinking26:30 - Rise of socialism and the downfall of New York City34:15 - The dangerous concentration in the S&P 50039:10 - Nvidia’s $5 trillion milestone and what it signals42:47 - Treasury Secretary praises bitcoin while government shuts down50:54 - Bitcoin’s price follows the business cycle, not the halving cycle53:37 - Trump, Powell, and the coming asset-price melt-up

A new era of business is emerging, led not by Wall Street but by bitcoin. In this episode, Kenny Alves explains how his family’s self-storage company is becoming a bitcoin treasury, converting cash flow into sound money and preparing to borrow against bitcoin to expand real assets. We discuss why small business adoption is the next frontier of hyperbitcoinization, how bitcoin’s volatility is simply a measure of its growth, and why AI and robotics could accelerate productivity in the bitcoin economy. Kenny reveals how pairing bitcoin with cash-generating businesses could create an unstoppable engine of compounding wealth.Timestamps:0:00 - Intro: how a small business merged with bitcoin1:10 - Turning self storage into a bitcoin treasury2:45 - Why banks are killing safe deposit boxes5:35 - Refinancing real estate with bitcoin loans7:10 - The two models of bitcoin treasury companies10:00 - Using bitcoin as productive collateral12:16 - Why bitcoin treasury companies will dominate every industry14:10 - Bitcoin as pristine collateral for a new credit system19:15 - Why lenders still charge 10% on bitcoin loans21:00 - The quiet bitcoin shift happening in Washington23:00 - How small businesses can spark mass bitcoin adoption27:00 - Which companies should adopt a bitcoin treasury first31:00 - Why bitcoin’s volatility is just rapid growth35:00 - Nvidia hits $5T: what it means for bitcoin36:00 - How AI is reshaping business and productivity39:00 - The coming wave of humanoid robots44:40 - The long-term vision: bitcoin, AI, and self storage

What if bitcoin replaced the foundation of global money? In this episode, Fred Krueger explains what a $10 million bitcoin world could look like, why traditional assets may underperform under a hard-money system, and how AI and automation could reshape society in the process. We examine the timeline for bitcoin’s full monetization, how deflation can drive innovation instead of destruction, and why the 60/40 portfolio no longer works. Fred shares his framework for applying the Kelly criteria, the importance of ETFs in accelerating adoption, and how this transition could spark the greatest wealth transfer in history.Timestamps:00:00 – Intro and welcome to The Mustard Seed Podcast00:37 – What a $10 million bitcoin world could look like02:10 – Why bitcoin and the dollar will likely coexist06:54 – Why real estate and stocks could underperform in the bitcoin era09:02 – Why markets haven’t front-run $10 million bitcoin yet16:59 – Can a deflationary money like bitcoin support growth?20:42 – Life and credit in a hard-money system26:56 – Can we reach $10 million bitcoin without a crisis?33:01 – AI and automation meet bitcoin: a new society emerges37:24 – Why the 60/40 portfolio is broken in the bitcoin era42:39 – How yield fits in retirement portfolios44:39 – Allocating 70–75% to bitcoin: Fred’s case for the Kelly criteria45:20 – Will bitcoin wealth concentrate or distribute over time?48:33 – The ETF wave and the next class of bitcoin investors53:29 – Would Fred Krueger ever sell bitcoin to buy stocks?58:01 – The 70/30 portfolio: bitcoin plus passion projects01:03:00 – How bitcoin and AI together will create mass abundance01:08:47 – Why Fred’s book passed Ray Dalio on Amazon

Is the global monetary system is cracking? In this episode, Joe Consorti explains why gold’s record-breaking surge is a warning signal, how sovereigns are accelerating a shift in global finance, and why bitcoin may soon explode after months of consolidation. We cover the Fed’s race to respond faster to every crisis, what renewed liquidity means for risk assets, and how monetary easing could fuel the next leg of bitcoin adoption. Joe also breaks down Strategy’s STRC and why digital credit could redefine yield as capital moves from fiat to bitcoin-based instruments.Timestamps:00:00 - Intro and welcome to The Mustard Seed Podcast00:35 - Why gold is up 62% in 202503:18 - The global monetary reordering underway06:14 - Why bitcoin can still move violently higher11:13 - Why bitcoin beats gold as a store of value13:21 - How banks now view bitcoin as part of the gold trade16:20 - Why gold is outperforming bitcoin this year20:35 - How the Fed, shutdowns, and tariffs weigh on bitcoin24:05 - Why the Fed’s crisis response time keeps accelerating29:17 - Why the Fed can’t allow a protracted bear market35:16 - Comparing 2021’s tightening to today’s easing cycle40:10 - What happens when liquidity returns to markets44:58 - Introducing digital credit and MicroStrategy’s STRC48:39 - Why STRC could attract yield-hungry investors52:09 - Why bitcoin’s next breakout could be explosive54:29 - Final thoughts and closing advice from Joe Consorti

Bitcoin is becoming the foundation of a new financial and technological order. In this episode, Christian Catalini shares why open networks must win over corporate blockchains, how the Lightning Network and Spark are unlocking true global payments, and what lessons he learned building Libra inside Facebook. We explore the limits of stablecoins, the risks of leverage, and why proof of work may be humanity’s greatest defense in a world racing toward automation.Timestamps:00:00 - Welcome and guest intro00:20 - The MIT bitcoin experiment02:09 - Why Christian is a bitcoin pragmatist02:30 - Linux analogy for bitcoin04:11 - Making Lightning Network enterprise grade05:37 - Before Lightspark: MIT professor to fintech researcher08:12 - Inside Project Libra10:04 - Building on permissionless open networks11:10 - When block subsidies fall to zero15:06 - How AI reshapes work and value17:31 - Why AI agents should not hold wallets18:40 - Micropayments for agents with Lightning20:29 - Are we plateauing or accelerating in AI22:49 - Redefining capitalism for the AI era24:18 - The real AI risk: unknown preferences26:51 - bitcoin and money in an automated world28:24 - Proof of work as time and energy31:32 - Is AI bigger than bitcoin32:27 - The current state of the Lightning Network44:24 - Thoughts on Saylor’s preferred equity47:40 - Closing call to builders to choose open networks

Wall Street is being reshaped as bitcoin ETFs smash records and force traditional investors to pay attention. In this episode, James Seyffart explains why demand has blown past even BlackRock’s expectations, who is really buying these ETFs, and how trillions in advisor-controlled assets could soon flow into bitcoin. We examine Michael Saylor’s bold strategy, why treasury companies trade at premiums, and the growing debate over whether ETFs suppress volatility or create “paper bitcoin.” The conversation also explores passive investing’s hidden distortions, the fight for S&P 500 inclusion, and how corporate finance is quietly accelerating bitcoin’s march into the global system.Timestamps:0:00 - Intro1:00 - Why bitcoin ETFs shocked even BlackRock2:15 - How trad fi views bitcoin today4:35 - Who is really buying the bitcoin ETFs6:00 - Advisors vs hedge funds and retail9:10 - UAE sovereign wealth fund steps in10:13 - How big can bitcoin ETFs get12:00 - Why advisors still face restrictions14:23 - Could bitcoin ETFs reach $1 trillion16:00 - bitcoin vs gold ETFs explained18:43 - Michael Saylor’s reputation in trad fi21:00 - Why people are fascinated by Saylor’s strategy23:04 - Have ETFs reduced bitcoin’s volatility26:44 - Are ETFs creating “paper bitcoin”30:07 - Inside the bitcoin ETF options market32:29 - bitcoin treasury companies explained38:25 - Why strategy wasn’t added to the S&P 50045:03 - Passive vs active investing explained51:37 - The bull market subsidy in asset management1:00:06 - Closing thoughts

Bitcoin’s future may not follow the familiar boom-and-bust cycles investors expect. In this episode, Jesse Myers explains why the market structure is shifting, the importance of positioning yourself to survive catastrophic drawdowns, and how treasury companies are reshaping investor psychology. We cover the rise of amplified bitcoin exposure, the surprising strength of gold, and what total global wealth trends reveal about bitcoin’s trajectory. Jesse also unpacks the key KPI for treasury companies, why sentiment drives massive swings in premiums, and what the world will find most shocking about bitcoin adoption in the decade ahead.Timestamps:0:00 - Intro0:32 - Are bitcoin cycles changing forever3:18 - Why halvings may matter less in a maturing market5:30 - Could treasury companies drive parabolic bitcoin bull runs7:05 - Why Saylor moved from debt to perpetual preferreds9:34 - Investor backlash and misunderstanding of strategy11:13 - How investor bases shift as bitcoin treasury companies grow14:14 - Amplified volatility in bitcoin treasury companies17:26 - What today’s low bitcoin volatility signals20:45 - Gold’s surge and what it means for bitcoin22:40 - Total global wealth and bitcoin’s share of it31:18 - Where global wealth is flowing today32:17 - What is bitcoin’s long-term growth rate36:07 - Deflation and craftsmanship in a bitcoin standard40:03 - The key KPI for bitcoin treasury companies55:22 - What will surprise everyone about bitcoin in 10 years59:35 - Where to learn more about Jesse Myers

Bitcoin is infiltrating the heart of global finance, with index funds on the verge of being forced to hold it. In this episode, Pierre Rochard breaks down the rise of bitcoin treasury companies, why Strategy’s playbook is so powerful, and how S&P 500 inclusion could accelerate adoption worldwide. We explore the misunderstood security budget debate, the reality of miner incentives, and why corporate balance sheets are fueling a long-term speculative attack.Timestamps:0:00 - Intro0:26 - Is the bitcoin treasury company space too crowded2:12 - How much do companies influence mNAV4:16 - Can Strategy own too much bitcoin7:29 - Why haven’t other giants copied Saylor’s playbook10:09 - Why apple and amazon won’t go all in on bitcoin10:52 - The truth about bitcoin’s security budget16:25 - Why low transaction fees are actually good18:49 - Bitcoin’s militia model for security20:09 - Why most bitcoiners misunderstand the fee market23:13 - Core vs Knots debate explained26:20 - What happens if miners filter transactions29:36 - Why filtering doesn’t stop censorship resistance33:39 - The real problem with mining centralization35:26 - Will strategy be added to the S&P 50037:42 - Why S&P inclusion would be massive for bitcoin40:21 - Financial exposure vs holding your own keys45:16 - Should bitcoiners fear a 6102 seizure48:24 - Is the speculative attack finally here?52:15 - Why we may be past the four year cycles54:05 - Pierre’s bitcoin bond company and podcast updates55:27 - Closing thoughts

What if corporations began treating bitcoin as their benchmark for capital allocation? In this episode, Nick Colletta, Treasurer at Semler Scientific, shares his journey from Deloitte Digital Assets to leading one of the first public bitcoin treasury companies, explaining why bitcoin per share is the key metric, how to manage volatility, and why security is paramount. He also discusses the early stage of corporate adoption, future treasury innovations, and his advice for professionals looking to build a career in bitcoin.Timestamps:0:00 - Nick’s background in accounting and Deloitte digital assets2:38 - Inside Deloitte’s crypto work and becoming bitcoin only5:02 - Why Nick joined Semler Scientific as treasurer5:40 - First encounter with bitcoin and early lessons7:07 - Why bitcoin is the best money8:37 - Why bitcoin matters for corporations10:20 - How bitcoin fortifies corporate balance sheets11:25 - Explaining Semler’s bitcoin treasury strategy12:56 - Key metrics for evaluating bitcoin treasury companies15:03 - Intelligent leverage and long duration financing16:08 - How to think about NAV premiums17:05 - Bitcoin as the hurdle rate for capital allocation18:32 - How early we are in bitcoin corporate adoption19:38 - What really drives bitcoin adoption22:12 - Tools for managing a bitcoin treasury23:36 - Saylor’s playbook and future treasury innovations25:15 - How Semler manages bitcoin’s volatility28:16 - Why securing bitcoin is the top priority30:07 - Proof of reserves, audits, and bitcoin treasuries32:17 - Bitcoin’s path: from individuals to corporations to governments33:21 - Is Wall Street co-opting bitcoin, or vice versa?35:05 - Why Saylor shares his entire strategy with competitors37:23 - Why more companies haven’t copied Saylor yet38:09 - The future of bitcoin treasury companies39:09 - Will bitcoin ever see another brutal bear market?40:35 - Is the bull market over?40:58 - What excites Nick most about the future42:43 - Advice for young professionals entering the bitcoin industry44:05 - Closing thoughts and where to follow Nick

When market sentiment turns sour even as bitcoin trades above $100k, how should investors think about the future of bitcoin treasury companies? In this episode, we sit down with Adrian Morris to unpack the dynamics behind mNAV guidance, ATM usage, and the broader psychology shaping these equities.Timestamps:0:00 - Intro0:50 - Bitcoin hits new all time high, sentiment turns bearish2:23 - Why the market is still strong above $100k3:40 - Bitcoin treasuries as leveraged plays4:21 - Strategy’s mNAV guidance explained6:09 - Did Strategy walk back its guidance?10:27 - Why issuing mNAV guidance was a mistake13:22 - The danger of listening to Twitter noise15:24 - Does this misstep change the long term thesis?18:05 - Strategy as one of the best performing stocks of the decade19:25 - Cooperative dynamics of Bitcoin treasury companies21:21 - Adversarial investors and market psychology23:01 - Bitcoin as signal, treasury companies as amplitude26:25 - How to think about high versus low mNAV multiples29:30 - Is the ATM really driving share price down?33:00 - How management will likely use the ATM going forward35:27 - What could reverse market sentiment38:47 - Why other Bitcoin treasuries may copy preferred equity43:42 - Risks of paying preferred dividends in a bear market47:03 - Strategy’s survival through past bear markets50:23 - Why preferred equity may strengthen resilience51:04 - The key KPI for Bitcoin treasury companies53:51 - Long term outlook for Bitcoin and treasury companies59:19 - Closing thoughts and where to follow Adrian

What if a company could turn Wall Street’s incentives toward accelerating bitcoin adoption? In this episode, we sit down with CJ from Strategy’s bitcoin treasury team to break down how the world’s largest bitcoin treasury company is innovating in capital markets. CJ shares his path from Harvard Business School to Strategy, the key KPI that matters most for bitcoin treasury companies, and why outperforming bitcoin over the long term is the true benchmark.Timestamps:0:00 - Intro0:31 - Harvard to Strategy: CJ’s bitcoin treasury role2:24 - The most important KPI for bitcoin treasury companies5:14 - Why outperforming bitcoin is the ultimate benchmark6:59 - Short-term price dislocations vs long-term performance9:24 - Saylor’s forever time horizon11:00 - Why volatility and volume matter for capital markets strategy13:08 - The ideal bitcoin strategy for emerging treasury companies16:04 - Why preferred equity is replacing convertible notes19:03 - How Strategy designs its preferred equity products21:02 - Should other companies copy Strategy’s preferred equity playbook?23:17 - How leverage supports accretive dilution26:58 - Who’s buying Strategy’s preferred equity products?30:28 - The “iPhone moment” for bitcoin-backed securities33:22 - How Strategy manages price stability for preferred equity35:57 - Could stablecoin issuers adopt bitcoin-backed preferred equity?38:03 - Credit amplification vs “speculative attack”40:41 - Harvard’s $100M bitcoin buy44:19 - Bitcoin’s terminal growth rate and the S&P 50047:07 - Why bitcoin treasury companies trade at a NAV premium49:18 - Strategy’s new mNAV issuance guidance53:39 - The digital transformation of investor relations56:17 - Why bitcoin is now Wall Street’s biggest fee generator58:51 - Closing thoughts and where to find CJ

What happens when a Wall Street quant abandons the fiat casino to chase the hardest money on earth? We unpack Matt McDonagh’s journey from machine-read value screens to an AI-driven venture thesis, tracing how warped price signals, momentum trading, and excess money printing pushed him toward bitcoin’s decentralized rails and a future where technological abundance meets absolute scarcity.Timestamps:00:00 - Intro00:55 - Investment banker beginnings02:15 - Building a machine-read hedge fund04:10 - First brush with bitcoin at Princeton Club06:45 - Hedge fund collapses, tech pivots09:30 - Counting missed satoshis and opportunity cost11:12 - Ai and bitcoin: dueling singularities17:45 - Peering around the technological corner22:07 - Centralization versus decentralization26:21 - Fiat distortions and the asset owner advantage30:17 - Real estate as a leaky store of value35:14 - Technology deflation meets absolute scarcity39:56 - Robots, bio-ceramics, and cheaper housing46:06 - Suppressed tech, electrification, and AI parallels49:15 - Infinite abundance paired with bitcoin scarcity50:52 - Satoshi theories: AI or state project?52:34 - Closing thoughts and thanks

What if Strategy’s bitcoin strategy is just the beginning? In this episode, we sit down with Tad Smith, former CEO of Sotheby’s and Madison Square Garden, to explore why bitcoin is resonating with a generation priced out of the system. Tad explains how liquidity drives asset markets, how bitcoin is quietly demonetizing art and education, and why he believes consolidation is coming for bitcoin treasury companies. We discuss Michael Saylor’s latest innovations like Stretch, what makes a credible mNAV premium, and why bitcoin may be transforming into the foundation for a new financial system. Tad also shares his personal investing framework, what he would do if he were running Semler Scientific, and how his generation failed the next one.Timestamps:00:00 - Intro01:00 - How Tad thinks about macro cycles and investing03:22 - Why liquidity is the key macro signal05:20 - When Tad takes profits and how he does it06:30 - Where he parks cash short term and why07:42 - Why gold is useful—but only short term08:10 - Are we near the end of the current bitcoin bull market?10:07 - Why Tad thinks we may be in the final minutes of this cycle11:20 - Long-term vs short-term bitcoin investment mindset12:34 - Could bitcoin ever crash like 2022 again?13:05 - Black swans and the evolution of bitcoin’s investor base14:37 - What happens to money market funds if rates are cut?16:11 - Interest rates and bitcoin-linked preferred stocks17:17 - Why Tad prefers common shares over preferreds18:35 - Stretch, bitcoin, and the birth of a stablecoin?20:19 - Is MicroStrategy becoming the new JP Morgan?22:09 - Why bitcoin resonates with younger generations25:22 - How money printing punishes the working class28:26 - The case for a new monetary system32:35 - Why bitcoin treasury companies are booming34:35 - What Tad would prioritize at Semler Scientific35:46 - Would Sotheby’s or MSG have adopted bitcoin?39:20 - Why every investment must outperform bitcoin’s hurdle rate41:09 - The future of bitcoin treasury companies42:53 - Why consolidation is inevitable44:09 - How Tad thinks about MNAV premiums47:41 - Is bitcoin demonetizing art and education?50:45 - Tad sold his wine collection for bitcoin51:18 - Final thoughts and closing remarks

Bitcoin is eating the financial system. In this episode, Michael lays out the blueprint for bitcoin treasury companies and explains why preferred equity is the key to unlocking trillions in passive capital. We explore how MicroStrategy’s strategy could be copied, why bitcoin should outperform the S&P 500 long term, and how capital markets are being reshaped around digital scarcity. Michael also breaks down how to weaponize BTC-backed credit to protect NAV, force short squeezes, and magnetize index fund flows.TIMESTAMPS:0:00 – Intro1:00 – First priority as director of bitcoin strategy3:11 – Should bitcoin companies copy MSTR’s preferreds?5:02 – Structuring credit: BTC ratings from 2 to 106:25 – Long-term CAGR for bitcoin vs S&P 5008:28 – Why bitcoin has fewer risks than stocks10:36 – The global index with no counterparty risk15:14 – Is bitcoin a global productivity index?16:56 – Will MSTR join the S&P 500?18:14 – Why Vanguard owns MSTR19:23 – Unlocking passive capital for bitcoin21:14 – Why BTC companies magnetize capital23:24 – Mag 7 adoption playbook: fast vs slow25:47 – Most CEOs don’t want the money27:15 – Who should adopt bitcoin—and who won’t29:20 – Why MSTR is going all-in on preferreds31:21 – Preferreds are better than convertibles32:32 – Will BTC companies still trade above NAV in bear markets?34:09 – Why 2022 was a crypto-catalyzed bear market35:14 – Difference between 1.1x and 100x leverage37:07 – How to defend BTC NAV with credit instruments39:14 – How to create a bitcoin short squeeze41:20 – Why shorts don’t have the courage43:20 – The future of BTC-backed credit and equity45:04 – A new theory of bitcoin corporate finance49:30 – Copy MSTR: it’s good for everyone50:26 – Harvard’s outdated bitcoin case study52:16 – Why the smartest firms are making bad moves54:16 – Why academics ignore strategy’s success55:15 – How the world could look in four years57:09 – Final thoughts and wrap-up

Hello everyone! I’m excited to relaunch my podcast under a new name:The Mustard Seed—a bitcoin and contrarian long-term thinking podcast.My first real job out of graduate school was in technology consulting at Ernst & Young. After gaining a little experience there, I made the decision to jump full-time into bitcoin. One of the most valuable things I did early on was host a bitcoin podcast. It allowed me to learn directly from some of the most intelligent minds in the space and build lasting relationships.The podcast is my way of staying connected to the most thoughtful people in bitcoin. It helps me better understand how capital is flowing into bitcoin and how the smartest leaders are positioning themselves as bitcoin continues to reshape global capital markets.In my role as Director of Bitcoin Strategy at Semler Scientific, my top priorities are strategic execution of bitcoin acquisitions and generating stockholder value. These conversations sharpen my thinking, surface new ideas, and help educate a broader audience about both bitcoin and Semler Scientific.I believe we’re still incredibly early in global bitcoin adoption. I think thoughtful dialogue and deeper understanding can help accelerate hyperbitcoinization, and this podcast is one way I plan to contribute. The first episode is coming soon, and it will be with Michael Saylor. If you have specific questions you’d like me to ask, let me know.Please subscribe if you enjoy my work.