Richard Byworth on X: https://x.com/RichardByworth

Syz Capital: https://www.syzcapital.com/en

Bram Kanstein on X: https://x.com/bramk

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.

00:00 - Welcoming Back Richard Byworth 05:12 - Bitcoin as the Hurdle Rate 08:09 - The Impact of Bitcoin Treasury Companies 11:14 - Public Market Dynamics and Bitcoin Treasuries 14:13 - The Role of Bitcoin in Traditional Finance 17:05 - Risks and Opportunities in Bitcoin Treasury Companies 20:18 - Retail vs. Institutional Participation 23:27 - The Future of Bitcoin Treasury Companies 26:14 - Bitcoin in Real Estate Financing 29:03 - Legitimization of Bitcoin as a Capital Asset 49:07 - The Role of Bitcoin in Debt Markets 54:50 - Bitcoin's Resilience Amidst Market Uncertainty 57:43 - The Asymmetric Opportunity of Bitcoin 01:01:20 - Bitcoin Treasuries and Adoption 01:07:58 - The Future of Bitcoin and Institutional Adoption 01:13:35 - Concluding Thoughts on Bitcoin's Journey 01:18:43 - Outro and Disclaimer