Stephan Livera Podcast

In this episode, Adrian Morris joins the show to discuss Bitcoin Treasury Companies. We explore whether MSTR and STRC are over, sustainable mNAV premiums, the impact of leverage, the right way to calculate mNAV, how many such companies can realistically exist, and how this space evolves through bull and bear markets.
Timestamps:
00:00 What are Bitcoin Treasury Skeptics Getting Wrong?
03:55 Is it over for STRC? Par vs Peg
06:30 The level of correlation to Bitcoin price
07:10 Critiques of STRC marketing?
09:02 Market Dynamics and Bitcoin Correlation
10:50 Should Strategy Do Something About STRC?
13:55 Is it a waiting game?
14:40 Is the bitcoin treasury risk mispriced? When is a premium justified?
19:26 Leverage or Amplification embedded in the structure
24:10 Operating or Financing Flows to Get Bitcoin?
26:15 mNAV
29:12 Thoughts on CEBE Analysis
32:30 Different forms of mNAV
36:12 Sentiment’s role is amplified
40:32 “Just Tread Water and Survive Until the Bull”
42:47 Will the Correlation to Bitcoin Price increase over time?
46:18 Growth Opportunities: Mergers and Acquisitions 
48:23 The Bitcoin Treasury Model - How Replicable is it?
51:50 Where are we in this cycle?
53:42 AI Analysis: Tools and Techniques for Investors
58:55 Is AI being overbuilt? 
1:01:40 Open Weights and Local AI?
Links: 
Adrian on X: https://x.com/_Adrian

True North: https://tnorth.com/

Bitcoin For Corporations: https://bitcoinforcorporations.com/

Stephan Livera links:
Follow me on X: @stephanlivera

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In this episode, Craig Raw returns to discuss Sparrow’s Silent Payments and Frigate integration, where multisig UX stands in 2026, his thoughts on building Bitcoin wallet software solo, and the ongoing challenges of distribution and platform risk.
We discuss:
Silent Payments and their impact on privacy and UX

Platform risks and the importance of pragmatic development

Standards and interoperability in Bitcoin wallets

The future of multi-sig UX and hardware wallet support

Cryptographic innovations like Frigate for scalable scanning

Timestamps:
00:00 - Intro and Apple’s Walled Garden
05:30 - Pragmatism in Bitcoin
06:30 - Silent Payments: A New Era for Bitcoin Transactions
08:40 - Biggest Challenge in Bitcoin Privacy today
12:03 - Why Address Re Use is so prevalent today
13:40 - Contrasting Silent Payments and Lightning Address
16:00 - The Benefits of Silent Payments Far Outweigh Incremental Complexity
19:00 - The Future if the Bitcoin Community Doesn’t Move on this
22:45 - Privacy vs Convenience
25:40 - Putting SP and Lightning Address together
28:30 - The Scanning Challenge for SP and Frigate
37:20 - Hardware Reqruirements for Frigate
41:00 - Can Hardware Wallets Support SP?
49:55 - Bitcoin Multi Sig in 2026
51:30 - Craig on Miniscript use - Inheritance, Timelocking
53:20 - Miniscript refresh privacy concern
55:30 - Miniscript for managed solutions
59:00 - Multi Sig Quorum Registration
1:01:00 - Mixed Vendor Multi Sig setups
1:04:00 - Wallet Labelling BIP
1:06:44 -  Bitcoin Adoption: Balancing Purism and Pragmatism
1:09:00 - What to do about bad regulations or laws? 
1:12:00 - Could Government Target Silent Payments?
1:13:39 -  Sustainability of Sparrow Wallet Development
Links: 
https://x.com/SparrowWallet

https://x.com/CraigRaw

sparrowwallet.com 

Stephan Livera links:
Follow me on X: @stephanlivera

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In this episode, Jesse Schrader (Jestopher), CEO of Amboss, joins us to break down RailsX — their new Lightning-native DEX.
We discuss:
🔸How traders and liquidity providers use RailsX
🔸The costs and benefits for both sides
🔸Current Lightning routing volumes and growth trends
🔸The state of Lightning yield and how it compares to other players
🔸The recent BitGo Lightning Earn partnership
🔸A quick update on Magma
🔸A high-signal look at where Lightning yield, stablecoins, and institutional adoption are heading.
Timestamps:
00:00 - What is RailsX? Taproot Assets on your LN node
01:09 - The trader end user POV
02:45 - USDT by @speed_LN
03:50 - What are the trading fees? Trade sizes?
06:20 - Liquidity provider POV
08:00 - DIY or managed service?
09:20 - How much yield do liquidity providers get?
10:37 - BitGo Lightning Earn partnership
11:23 - The state of Lightning yield today and lightning activity
12:37 - Update on Amboss Magma - Liquidity Leasing
15:10 - Lightning Volume is Growing Even in a Bear Market
Links: 
https://amboss.space/

https://amboss.tech/rails

https://amboss.tech/magma

https://x.com/Jestopher_BTC

Stephan Livera links:
Follow me on X: @stephanlivera

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In this urgent 15-minute conversation, Stephan speaks with Ricki Allardice, one of the leaders of the Property Rights Defense Group, about South Africa’s Draft Capital Flow Management Regulations 2026 — the most serious threat to Bitcoin self-custody the country has seen.
Ricki breaks down exactly what the draft rules would do to private keys, self-custody, and everyday Bitcoiners, where the process stands right now, and what the community can still do before the 30 June 2026 public comment deadline.
Timestamps:
(00:00) - Overview of the Regulation Against Self Custody
(04:07) - Public Consultation Process 
(05:49) - Can it be challenged?
(07:20) - It’s About Capital Controls
(08:02) - AML, Sanctions, FATF 
(10:46) - What does it mean for Bitcoiners in South Africa?
(12:22) - Safety or Security concern here?
(14:22) - Call to Action and Support for Legal Defense
Links: 
Site: propertyrightsdefense.org

X: https://x.com/PRDG_ZA 

Donate: https://btcpay386617.lndyn.com/apps/4TcSxV6dNFYzb1DBDthPL89Tjz72/crowdfund?ref=propertyrightsdefense.org 

Stephan Livera links:
Follow me on X: @stephanlivera

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Matt McClintock (Founder & CEO of Bespoke Group) returns to the show alongside Alla Futterman (Associate Client Relationship Manager & Head of Philanthropy Operations) fresh off his main-stage talk at BTC Prague 2026 titled “Using Bitcoin to Change the World.”
In this deep dive, we explore how ultra-high-net-worth Bitcoiners and their families are moving beyond simple HODLing to become active stewards — deploying Bitcoin through sophisticated, values-aligned philanthropy to solve real problems (landmine clearance, human trafficking recovery, wildlife protection, cultural preservation, and more).
We unpack Bespoke Group’s “Wealth Operating System,” sovereign estate planning for bearer assets, tax-efficient giving structures, next-gen involvement, the mindset shift from ownership to “this wealth has been entrusted to me,” and practical advice for Bitcoiners at every level who want their capital to outlive them and actually improve the world.
If you’ve ever wondered how to turn Bitcoin conviction into lasting generational impact while keeping sovereignty and privacy intact, this is the episode.
Timestamps:
(00:00) - Introduction to Bitcoin Philanthropy
(06:38) - Tax-Efficient Philanthropy Strategies
(13:07) - Charitable Structures for Bitcoin
(20:22) - Mindset Shifts in Bitcoin Philanthropy
(27:22) - Wealth Stewardship and Bitcoin
(32:13) - Challenges in Bitcoin Philanthropy
(37:23) - Engaging the Next Generation in Philanthropy
(39:49) - Practical Tips for Everyday Bitcoiners
  
Links: 
Bespoke Group → https://bespokegroup.io/

Matt’s article: “How Bitcoin Wealth is Changing the World” (June 2026)

Alla’s article: “Philanthropy as Wealth in Motion”

https://x.com/mcclintock_m

Stephan Livera links:
Follow me on X: @stephanlivera

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