Podcast
Stephan Livera Podcast
Hosted by Stephan Livera · EN
Join Stephan as he interviews the sharpest economic and technical minds in Bitcoin & Austrian Economics to help you understand how money is changing and evolving. Leading names in the world of Bitcoin join the show to share their insights, whether they are developers, CEOs, economists, authors, analysts and more.
59episodes
Episodes
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Bitcoin Banks: interest rates, custody & lending with Pascal Eberle | SLP678
Aug 1, 202500:50:22Tap to summarizeIn this episode, Stephan Livera interviews Pascal Eberle, Chief of Staff at Sygnum Bank, discussing the bank's unique offerings in the Bitcoin and digital assets space. They explore the growing interest in Bitcoin as a corporate treasury asset, common misconceptions about Bitcoin, and the evolving landscape of lending against Bitcoin. Pascal shares insights on Sygnum's custody solutions, interest rates, and the future of lending products that integrate Bitcoin. The conversation highlights the importance of understanding both Bitcoin and corporate finance for successful adoption.Takeaways🔸Sygnum Bank is a fully licensed Swiss bank focused on digital assets.🔸The bank serves high net worth individuals and institutional clients.🔸Bitcoin is seen as a digital capital and a better form of money than fiat.🔸Corporate treasury companies are gaining traction in Bitcoin adoption.🔸Common misconceptions about Bitcoin include volatility and lack of cash flow.🔸Lending against Bitcoin is becoming more popular and regulated.🔸Interest rates for loans at Sygnum range from 5.5% to 9.5%.🔸Sygnum offers flexible loan terms and a unique margin call procedure.🔸The bank employs a multi-custody strategy for asset security.🔸Future lending products may integrate Bitcoin as a de-risking factor.Timestamps:(00:00) - Intro(00:49) - Who is Pascal Eberle?(01:52) - What is Sygnum Bank and what does it offer? (04:28) - Why are Bitcoin Treasury Companies so alluring?; Bitcoinization of Finance(06:27) - Are Sygnum’s clients adopting Bitcoin for their corporate treasuries? (08:11) - What are some of the common misconceptions about Bitcoin among clients? (11:04) - Bitcoin self custody ethos vs. BTCTCs (‘Paper Bitcoin Summer’)(15:01) - Are large institutions considering borrowing against their Bitcoin stack?; Opportunities and Risks(17:07) - Sponsors(19:15) - Sygnum’s interest rates & loan terms for Bitcoin Lending(25:14) - What is the future of On-Chain lending vs. Traditional lending? (29:43) - Understanding Sygnum’s loan rates, fees & custody parameters(33:52) - Legal requirements for custodying digital assets with Sygnum; EU regulations and licensing (MICA) (37:49) - Sygnum’s client demographics(39:23) - Bankruptcy and asset protection in swiss banking(41:50) - How will the Bitcoin lending products evolve?(46:55) - Client thresholds and Onboarding at Sygnum(49:19) - Closing thoughts Links: https://x.com/sygnumofficial Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
Transcribe →Bitcoin’s Volatile Dominance with Cory Klippsten | SLP677
Jul 22, 202501:03:18Tap to summarizeStephan and Cory discuss the current trends in Bitcoin and cryptocurrency, focusing on the dynamics of altcoins, the emergence of treasury companies, and the implications of regulatory changes. They explore the long-term outlook for Bitcoin, the role of mining companies, and the potential for institutional adoption. The discussion emphasizes the importance of understanding the market landscape and the various strategies for investing in Bitcoin and related assets.Takeaways🔸Altcoins generally trend down against Bitcoin over time.🔸Treasury companies are gaining attention for their potential returns.🔸Bitcoin remains the safest long-term store of value.🔸Leverage in Bitcoin equities can enhance returns but comes with risks.🔸Mining companies face challenges in capital markets compared to Bitcoin equities.🔸Regulatory changes may impact the landscape for Bitcoin and crypto.🔸Institutional adoption is crucial for the future of Bitcoin.🔸Understanding the market dynamics is essential for investors.🔸Not all companies will achieve institutional scale in Bitcoin investment.🔸Every business can benefit from holding Bitcoin on their balance sheet.Timestamps:(00:00) - Intro(01:51) - Is it a season of altcoins or Leveraged Bitcoin Equities (LBEs)? (04:27) - Bitcoin’s dominance & reducing volatility vs LBEs(10:54) - Can Strategy use MSTR to pay for the obligations of preferred share offerings? (13:30) - The role of Convertible Debt and Preferred Shares(18:43) - Are LBEs sustainable? (21:56) - Sponsors(23:46) - What are the jurisdictional advantages of various LBEs?(28:56) - What is the future of Bitcoin accumulation strategies?(34:07) - Bitcoin mining companies vs. LBEs(38:40) - Sponsors(39:39) - Competition among the Bitcoin accumulators ( $NAKA, $SQNS etc.) (43:09) - The speculative attack arbitrage of LBEs(51:41) - Cory’s perspective on the recent crypto laws passed in DC(57:50) - Will the CLARITY act help the open source devs? (1:01:01) - Closing thoughtsLinks: https://x.com/coryklippsten Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
Transcribe →Bitcoin, State Surveillance & Privacy with Harsha Goli | SLP638
Feb 27, 2025Tap to summarizeHarsha & Stephan discuss the challenges Bitcoin businesses face regarding regulation, particularly the tightening KYC and AML requirements. Harsha highlights the implications of these regulations on the Bitcoin ecosystem and the role of custodians. The discussion also touches on the evolving regulatory landscape, the impact of political administrations on crypto regulation, and the future of stablecoins. Harsha emphasizes the need for clarity in regulations and the importance of maintaining a balance between compliance and the freedom that Bitcoin offers. The conversation also highlights the challenges developers face in creating tools that respect user privacy while navigating regulatory landscapes. They conclude by exploring the potential future of Bitcoin upgrades and the importance of lobbying for less restrictive regulations to foster industry growth.Takeaways🔸Bitcoin businesses face significant regulatory challenges.🔸KYC and AML regulations are tightening around Bitcoin.🔸The government controls the flow of money through conversion points.🔸FinCEN guidance has evolved, impacting Bitcoin regulation.🔸Political administrations influence the regulatory landscape for crypto.🔸Stablecoins are seen as an extension of the fiat system.🔸Surveillance exists in both traditional finance and crypto.🔸Fraud is a major issue in the crypto space.🔸The government is not effectively targeting crypto criminals.🔸There is a need for clarity in crypto regulations. There are genuine concerns about KYC and AML regulations.🔸Chain surveillance companies are influencing the perception of 'clean' and 'dirty' coins.🔸Bitcoin's privacy needs are becoming increasingly critical.🔸Upgrades like PayJoin can enhance Bitcoin's privacy.🔸The government may not be able to stop Bitcoin upgrades if there's enough inertia.🔸The current regulatory environment is costly and burdensome for businesses.🔸Lobbying for less regulation is essential for the growth of the crypto industry.🔸The effectiveness of AML regulations is highly questionable.🔸Bitcoin's future may involve more privacy-focused upgrades.🔸The crypto landscape is a long game, requiring sustained effort. Timestamps:(00:00) - Intro(01:27) - Who is Harsha Goli & what is Magnolia? (02:50) - The KYC/AML noose around Bitcoin is tightening (08:22) - What are the implications of the FinCEN guidance?(12:46) - How does a change in political administration affect cryptocurrency regulations?(15:39) - The aftermath of Samourai wallet hearing; Bank Secrecy Act(17:32) - Sponsors(20:38) - Does the existence of stablecoins help people stay away from the fiat system? (23:50) - Surveillance in TradFi vs. Crypto(29:48) - Travel Rule compliance and Fraud in crypto transactions(35:22) - Privacy needs in Bitcoin: A developer's perspective(39:34) - What are the possible privacy enhancements in Bitcoin?(42:08) - Can Bitcoin be upgraded for better privacy?(42:39) - Sponsors(53:27) - Lobbying for lesser regulationLinks: https://x.com/_arshbot/ https://x.com/joinMagnolia https://magnolia.financial/ https://blockspace.media/insight/the-boring-banal-way-big-brother-can-shackle-bitcoin/ Sponsors: Bold Bitcoin CoinKite.com (code LIVERA) Lana by GaloyStephan Livera links: Follow me on X:@stephanlivera Subscribe to the podcast Subscribe to Substack
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Michael Saylor on Bitcoin Principles (SLP536)
Dec 22, 2023Tap to summarizeWhat are the key principles underlying Bitcoin? How should we think about changes to Bitcoin? Michael Saylor, Executive Chairman and Founder of MicroStrategy rejoins me on the show to discuss: Bitcoin Protocols Bitcoin Principles Bitcoin Dynamics Bitcoin Politics Bitcoin Philosophy Links: X: @saylor Prior Episode: SLP213 Michael Saylor – Bitcoin Dematerializes Money Prior Episode:SLP213 Michael Saylor – Bitcoin Dematerializes Money Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast
Transcribe →SLP474 Challenges of Operating Lightning Nodes & Torq with Henrik Skogstrøm
Apr 26, 2023Tap to summarizeHenrik Skogstrøm, Founder and CEO of LN Capital joins me to talk about the lightning network: Managing large lightning nodes Key challenges Monitoring Notifications Tools required Privacy vs reliability New tech Links: Twitter: @ohskogstrom Twitter: @LN_Capital Site: https://ln.capital/ Sponsors: Swan Bitcoin CoinKite.com(code LIVERA) Mempool.space MicroStrategy Bitcoin and Lightning for Corporations event May 3-4, 2023 (code LIVERA): https://www.microstrategy.com/en/world-2023/bitcoin-for-corporations
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SLP312 Mark Moss - Energy Crisis, Cycles & Bitcoin
Oct 12, 2021Tap to summarizeMark Moss, entrepreneur, investor, and host of The Mark Moss show on YouTube and iHeartRadio joins me on the show to talk about the recent energy crisis. We talk about what’s causing it, and the cycles impacting our world today. We also talk about dealing with it and responding to it. Mark Moss links: Twitter: @1MarkMoss YouTube: The Mark Moss Show - Youtube Event: Market Disruptors Live Miami Nov 12-14 Sponsors: Swan Bitcoin Hodl Hodl Lend Compass Mining Unchained Capital (code LIVERA) CypherSafe (code LIVERA) CoinKite.com (code LIVERA) Stephan Livera links: Show notes and website Follow me on Twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera
Transcribe →SLP237 Saifedean Ammous - Fiat Standard & Fiat Propaganda
Dec 15, 2020Tap to summarizeSaifedean Ammous, author of The Bitcoin Standard rejoins me on the show to talk about his upcoming book, The Fiat Standard. We chat about how the fiat standard started, and the propaganda that they use to maintain it. Saifedean links: Site: Saifedean.com Twitter: @saifedean Previous episodes: SLP220 Is Bitcoin Democratic, And Is Democracy Good? With Saifedean and Alex Gladstein SLP171 PlanB & Saifedean Ammous – Bitcoin S2FX, S2F, and Evolution From Collectible to Financial Asset SLP147 Pierre Rochard & Saifedean Ammous – Bitcoin as Savings Technology & Number Go Up SLP69 Saifedean Ammous – How governments could kill Bitcoin and Bitcoin scenarios SLP1 – Bitcoin as Sound Money with Saifedean Ammous, Austrian Economist Sponsors: Swan Bitcoin Knox Custody Hodl Hodl Unchained Capital (code LIVERA) CypherSafe (code LIVERA) Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera
Transcribe →SLP223 Preston Pysh Bitcoin's Final Cycle?
Nov 2, 2020Tap to summarizePreston Pysh of We Study Billionaires joins me on the show to talk about what Bitcoin’s final cycle might look like. How would we know if we’re going through the final cycle? How likely is it? Will corporates buying bitcoin be weak hands or strong hands? What about governments trying to shut Bitcoin down? Preston Pysh‘s Links: Twitter: @PrestonPysh We Study Billionaires Prior episodes: SLP109 Preston Pysh – How To Think About Bitcoin as an Investor SLP181 Preston Pysh – Bitcoin as Numeraire Sponsors: Swan Bitcoin Unchained Capital (code LIVERA) Knox Custody Bitcoin Black Friday Hodl Hodl Lend Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera
Transcribe →SLP203 Raoul Pal - Bitcoin and Macro Collide
Aug 21, 2020Tap to summarizeRaoul Pal of Real Vision rejoins me on the show to talk about how Bitcoin and Macro are colliding. We talk about the incredible risk:reward opportunity of bitcoin, DCA long term, Bitcoin as better collateral, and more. Raoul Pal Links: Twitter: @RaoulGMI RealVision Prior Episodes: SLP93 Raoul Pal – Global Macro Risks and Bitcoin Sponsors: Swan Bitcoin Unchained Capital CypherSafe (Code: LIVERA for discount) Stephan Livera links: Show notes and website Follow me on twitter @stephanlivera Subscribe to the podcast Patreon @stephanlivera
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