Stephan Livera Podcast
Stephan Livera Podcast

Stephan Livera Podcast

Stephan Livera

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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.

Recent Episodes

Financialization of Bitcoin with Pierre Rochard | SLP636
FEB 18, 2025
Financialization of Bitcoin with Pierre Rochard | SLP636

Stephan and Pierre discuss the evolving landscape of Bitcoin, focusing on the dichotomy between securitization and tokenization. They explore the regulatory environment, the challenges of Bitcoin adoption, and the implications of volatility on investor behavior. The discussion also touches upon the financialization of Bitcoin and the misconceptions surrounding tokenization of real-world assets, ultimately questioning the value created through such processes.

They also discuss the risks associated with traditional financial systems, the importance of self-custody, the psychological barriers to Bitcoin adoption, is stablecoin a gateway to Bitcoin and the challenges of privacy and surveillance in financial transactions. 

Takeaways

🔸Regulatory uncertainty was historically the biggest concern for Bitcoin.

🔸The current primary concern for Bitcoin adoption is price volatility.

🔸Bitcoin's community often lacks empathy towards those wary of volatility.

🔸Financialization of Bitcoin has accelerated with the introduction of ETFs.

🔸There is a significant demand for products that cater to different risk appetites.

🔸Tokenization of assets does not create new value; it merely changes the form.

🔸The crypto space often misidentifies problems that need solving.

🔸Investors are more interested in securitized products than decentralized solutions.

🔸The narrative around tokenization is often misleading and oversold.

🔸Real-world applications of blockchain technology can sometimes complicate rather than simplify transactions. Bitcoin's financialization is a key trend for the future.

🔸Investors need to understand the risks of traditional finance.

🔸Securitization of Bitcoin will drive institutional interest.

🔸Regulatory changes are creating new opportunities for Bitcoin.

🔸Self-custody is essential for Bitcoin holders.

🔸Stablecoins can serve as a bridge to Bitcoin investment.

🔸The psychological aspect of investing in Bitcoin is significant.

🔸Privacy concerns in finance are becoming more pronounced.

🔸Bitcoin's volatility is a barrier for some investors.

🔸The future of finance may involve a blend of Bitcoin and traditional assets.

Timestamps:

(00:00) - Intro

(00:55) - What are the primary objections that people have with Bitcoin?  

(07:20) - Technology vs. Number-Go-Up

(15:08) - Which pathway brings more people into Bitcoin?

(22:45) - $MSTR leveraging trad-fi to drive its bitcoin treasury strategy

(26:30) - The dubious narrative of ‘tokenization of real-world assets’

(32:06) - Sponsors

(39:12) - What is the role of Bitcoin in financial strategies?

(48:11) - What will be the impact of regulatory changes on Bitcoin?

(52:34) - The important concerns over centralization and state capture of Bitcoin

(52:22) - Sponsors

(58:38) - What are the psychological barriers to Bitcoin adoption?

(1:02:22) - Are stablecoins a gateway to Bitcoin?

(1:04:24) - The role of surveillance and privacy in financial systems

(1:12:00) - Closing thoughts

Links: 

Sponsors:

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73 MIN
650M+ People Reached on Lightning with Dan O'Prey and Danny Stagg | SLP635
FEB 14, 2025
650M+ People Reached on Lightning with Dan O'Prey and Danny Stagg | SLP635

The episode focuses on the evolving narrative of Bitcoin, emphasizing its role as a medium of exchange rather than just a store of value. Dan & Danny explore the advancements in the Lightning Network, the challenges of user adoption, and the importance of awareness in driving Bitcoin's integration into both crypto and fiat worlds. The discussion highlights the potential for Lightning to facilitate peer-to-peer transactions and the future of Bitcoin swaps with stablecoins. 

Dan & Danny also discuss the improvements in user experience and accessibility, the challenges of mainstream integration, and the technical simplicity that encourages developer adoption. 

Takeaways

🔸Bitcoin is evolving beyond being just digital gold.

🔸The Lightning Network has matured significantly since its inception.

🔸User experience for Lightning payments has improved dramatically.

🔸Awareness of Lightning's capabilities is still a major hurdle.

🔸Many users are still unaware of the benefits of Lightning.

🔸Integration with fiat systems is crucial for broader adoption.

🔸The number of people who can access Lightning is growing.

🔸Peer-to-peer payments are becoming more feasible with Lightning.

🔸Stablecoins may play a key role in Bitcoin's future.

🔸The community's grassroots efforts are driving Bitcoin adoption. Lightning technology has matured significantly over the past few years.

🔸User experience improvements are crucial for wider adoption of Bitcoin payments.

🔸Mainstream applications integrating Bitcoin will drive significant adoption.

🔸Technical implementation of Lightning is now simpler than ever for developers.

🔸Bitcoin's utility as a currency is becoming more recognized.

🔸Cultural perceptions of Bitcoin need to evolve for broader acceptance.

🔸The cost of using Bitcoin for payments is significantly lower than traditional methods.

🔸Lightning enables microtransactions that were previously impossible with fiat systems.

🔸The importance of awareness and education in the Bitcoin ecosystem cannot be overstated.

🔸Bitcoin's potential as an everyday currency is being realized globally.

Timestamps:

(00:00) - Intro

(00:50) - Why make a ‘Bitcoin Payments’ report? 

(03:18) - Bitcoin NOT just ‘Digital Gold’

(08:17) - How many people can access the Lightning Network? 

(12:37) - What are the challenges in awareness & adoption of using Lightning Network?

(15:01) - The argument of ‘Peer-to-Peer’ vs. ‘Bank-to-Bank’ transactions

(16:53) - Sponsors

(19:12) - What are the hurdles for fiat & crypto folks to adopt Lightning?

(25:49) - What is the future of Bitcoin swaps & Lightning?

(28:34) - The drivers of Lightning Network adoption

(33:09) - Sponsors

(34:07) - Increased UX & accessibility improvements

(39:56) - Mainstream integration & adoption challenges

(41:57) - How long does it take to implement Breez?

(50:02) - Bitcoin is an everyday currency

Links: 

Sponsors:

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51 MIN
The Rise of Bitcoin Banks with Nicolas Burtey | SLP634
FEB 10, 2025
The Rise of Bitcoin Banks with Nicolas Burtey | SLP634

Stephan and Nicolas discuss the evolution of Bitcoin banking, the role of Galoy, and the impact of regulatory changes on the Bitcoin ecosystem. They explore the differences between Bitcoin and fiat banking, the potential for local and global Bitcoin banks, and the future of Bitcoin custody and lending. 

The discussion also touches on the challenges posed by regulations and how recent changes may open up opportunities for banks to offer Bitcoin services. Nicolas also discusses Lana - a platform designed for banks and financial institutions to offer Bitcoin-backed loans. He explains the complexities of managing collateral and risk in Bitcoin lending, the importance of proof of reserves, and the role of custodians in the banking process. 

Takeaways

🔸Bitcoin banking can differ significantly from fiat banking.

🔸The Lightning Network has evolved towards a more centralized model.

🔸Bitcoin banks can operate without needing permission, unlike fiat banks.

🔸There is potential for a million Bitcoin banks globally.

🔸Regulatory challenges impact the adoption of Bitcoin by banks.

🔸Recent regulatory changes may encourage banks to offer Bitcoin services.

🔸Custody of Bitcoin is becoming a key focus for banks.

🔸Local Bitcoin banks may have advantages over global ones.

🔸The repeal of SAB121 is a significant step for Bitcoin banking.

🔸Bitcoin collateralized lending is an emerging opportunity. Lana is a landing platform for Bitcoin-backed loans.

🔸Managing collateral risk is crucial in Bitcoin lending.

🔸Proof of reserves should be a standard practice for Bitcoin banks.

🔸Banks can choose their custodians for Bitcoin management.

🔸Lana aims to expedite the market entry for banks.

🔸Traditional banking software may struggle with Bitcoin integration.

🔸Galoy is developing various Bitcoin banking products.

🔸The regulatory environment is influencing banks' Bitcoin strategies.

🔸El Salvador's legal tender law for Bitcoin has been repealed.

🔸Bitcoin adoption in El Salvador has led to increased tourism.

Timestamps:

(00:00) - Intro

(01:08) - How did Galoy start?

(04:24) - LN and Bitcoin wallet evolution over time

(08:12) - Bitcoin banking vs. Fiat banking

(12:15) - Local vs. Global Bitcoin banking models

(17:09) - Sponsors

(18:42) - What is the future of Bitcoin custody and lending?

(22:14) - Why are traditional banks hostile towards Bitcoin?

(28:15) - How does repealing SAB121 help Bitcoin?

(30:19) - What is Lana?

(34:54) - The importance of Proof-of-Reserves in Bitcoin lending products

(40:57) - How market-ready is Lana?

(42:08) - Sponsors

(43:07) - How is Lana different from Traditional banking software?

(45:08) - Building Galoy: Bitcoin’s banking infrastructure

(48:12) - What is the future of Bitcoin in traditional banking?

(50:08) - Insight on the repeal of El Salvador’s Bitcoin legal tender law

(55:05) - What is the impact of Bitcoin on El Salvador’s economy?

Links: 

Sponsors:

Stephan Livera links:

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59 MIN
Bitcoin for Companies: Risks, Rewards & Real Use Cases with Mason Carter | SLP633
FEB 6, 2025
Bitcoin for Companies: Risks, Rewards & Real Use Cases with Mason Carter | SLP633

Mason Carter, co-founder of Acropolis, chats about the adoption of Bitcoin in corporate treasury management. Stephan & Mason discuss the challenges faced by businesses in managing their treasury, the role of Bitcoin as a potential solution, and the importance of custody and regulatory considerations. 

Mason also shares insights on how companies can get started with Bitcoin, the impact of recent accounting changes, and the future of Bitcoin in banking. They then conclude the conversation with a case study involving eBay and the broader market potential of Bitcoin as a store of value.

Takeaways

🔸Bitcoin can help businesses combat inflation and preserve purchasing power.

🔸Not every company should adopt a Bitcoin treasury strategy.

🔸Custody of Bitcoin is a critical concern for corporations.

🔸FASB changes have made it easier for companies to account for Bitcoin.

🔸The future of banking will likely involve specialized Bitcoin services.

🔸20% allocation to Bitcoin is a reasonable starting point for corporations.

🔸Bitcoin is a more efficient store of value compared to traditional assets.

🔸The legitimacy of Bitcoin is increasing among traditional finance leaders.

🔸Education is key for businesses to understand Bitcoin's value.

🔸Counterparty risk is a primary concern for corporate treasurers.

Timestamps:

(00:00) - Intro

(00:48) - What are Early Riders & Acropolis?

(02:25) - What are the challenges faced by corporations in treasury management?

(04:35) - Should every company with access to public markets adopt Bitcoin acquiring strategies?

(06:58) - Getting started with Bitcoin for Corporations

(12:20) - What are some of the custody considerations for corporate Bitcoin holdings?

(15:19) - Sponsors

(17:00) - Regulatory & accounting challenges in Bitcoin adoption

(20:42) - What is the impact of FASB changes on corporate Bitcoin accounting?

(26:09) - Case study: eBay's Potential Bitcoin Strategy

(27:24) - Sponsors

(34:24) - Bitcoin's market potential compared to other assets

(36:23) - What are the social aspects of Bitcoin adoption?

(39:11) - Why should a corporation consider a 20% allocation of Bitcoin for its treasury? 

Links: 

Sponsors:

Stephan Livera links:

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45 MIN
Myths & Realities surrounding The Federal Reserve with Julian and Peruvian Bull | SLP632
JAN 31, 2025
Myths & Realities surrounding The Federal Reserve with Julian and Peruvian Bull | SLP632

Julian and Peruvian Bull join Stephan to discuss the origins of the Federal Reserve - its creation in 1913 and its implications on the economy. They explore the recent awakening of public awareness regarding economic disparities exacerbated by COVID-19 and the role of central banking in these issues. 

The discussion contrasts the historical significance of 1913 with the events of 1971, emphasizing the Federal Reserve's influence on monetary policy and the illusion of free markets. 

They also talk about the flaws of traditional investment strategies, particularly the reliance on government bonds and the 60-40 portfolio model. The implications of government debt on financial markets and the role of the Federal Reserve as a central bank not just for the U.S. but for the world is another key point which is stressed upon. The conversation also explores the historical evolution of central banking, the challenges of ending the Federal Reserve, and the potential of Bitcoin and alternative economies to provide solutions to current financial issues.

Takeaways

🔸The Federal Reserve was created in 1913 as a response to financial panics.

🔸COVID-19 has led to a mass awakening regarding economic disparities.

🔸Inflation disproportionately affects lower-income individuals.

🔸The Federal Reserve's policies often benefit the wealthy.

🔸Historical events like the Great Depression highlight the Fed's failures.

🔸The concept of a free market is often misunderstood.

🔸Statistics used by the government can be manipulated to serve narratives.

🔸Recessions can be beneficial for economic correction.

🔸The Federal Reserve operates as a private entity with public implications.

🔸Central banking creates an illusion of stability while fostering fragility. CEOs should be held accountable for poor practices.

🔸Pension funds are making detrimental long-term financial decisions.

🔸The traditional 60-40 investment strategy is outdated and ineffective.

🔸The Federal Reserve's influence has expanded globally over time.

🔸The Eurodollar market is larger than the domestic dollar market.

🔸Ending the Federal Reserve requires significant public support and consensus.

🔸Bitcoin offers a potential alternative to central banking.

🔸There is a growing interest in creating independent economies using Bitcoin.

🔸The financial system is heavily influenced by government regulations and propaganda.

🔸The future of finance may involve decentralized and alternative economic systems.

Timestamps:

(00:00) - Intro

(00:48) - Why do we need to know about the Federal Reserve's origins? 

(02:50) - Why are people reawakening now?; Role of rising economic disparity

(07:38) - WTF happened in 1913?

(11:47) - Is the CPI number flawed? 

(15:40) - Is the Federal Reserve a private entity?

(21:18) - The illusion of free markets and central banking

(25:44) - Sponsors

(28:52) - Is the ‘60-40’ investment strategy still applicable?

(34:08) - The impact of government debt on financial markets

(37:55) - Stablecoins and its role in infiltrating weak economies

(39:08) - Sponsors

(41:29) - The Federal Reserve's role in global economics

(46:51) - The evolution of central banking; challenges of ending the Federal Reserve

(51:15) - The future of alternative economies and Bitcoin

Links: 

Sponsors:

Stephan Livera links:

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57 MIN