"Big Short" Insider: Bitcoin to $1M is the Trade of the Century | Pius Sprenger | BFM193

Oct 2, 2025

Pius Sprenger, an Ivy League mathematician and former Wall Street trader, shares his unique insight into Bitcoin and its systemic implications. He discusses his firsthand experience during the 2008 financial crisis and how it fostered a distrust in fiat currencies. Pius argues that Bitcoin is not just a speculative asset but a revolutionary monetary tool that grants financial sovereignty. He explores the connection between sound money and peace, emphasizes Bitcoin's robust nature, and presents a fascinating power law that suggests significant price growth ahead.

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ANECDOTE

Trading The Big Short

Pius Sprenger described joining Deutsche Bank and building a derivatives trade to short the subprime mortgage market with Greg Lipman.
Their trade profited massively in 2007–2008 but revealed systemic fragility when counterparties collapsed.

ANECDOTE

First Contact: Poker, Platform, Trade

Pius first heard about Bitcoin from a younger entrepreneur and poker‑player acquaintance and later invested in his platform.
He initially engaged as a trader attracted by volatility before diving deeper into Bitcoin's fundamentals.

ADVICE

Prefer Bitcoin Over Altcoin Hype

Focus on Bitcoin as the durable asset among many crypto experiments and avoid chasing speculative tokens.
Invest in Bitcoin's fundamentals instead of transient altcoin hype.

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Pius Sprenger is a mathematician and former Wall Street investment banker who lived through "The Big Short" and the 2008 financial crisis from the inside before becoming an outspoken Bitcoin advocate.

› https://x.com/PiusSprenger

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ℹ️ EPISODE SUMMARY

Bram Kanstein and Pius Sprenger dive into Wall Street, the 2008 financial crisis, and why Bitcoin is a once-in-history breakthrough. Pius—an Ivy League–trained mathematician turned Wall Street trader—was on the inside of “The Big Short” trade and later ran Deutsche Bank’s bad bank. Today he is a bold Bitcoin advocate, arguing that Bitcoin is not just another asset but the first true separation of money and state, as profound as separating church and state 500 years ago.

We discuss why 2008 never got solved, how fiat money fuels inequality and war, and why Bitcoin’s foundation in math and physics makes its rise to $1M inevitable—without causing systemic chaos. Pius shares insights from his decades in high finance, Bitcoin’s growing adoption in U.S. pensions and institutions, its role in personal financial sovereignty, and how power law trajectories shape Bitcoin price predictions.

If you want to understand Bitcoin investment, Wall Street finance, risk management, and the global financial reset already underway, this high-signal conversation delivers essential knowledge and perspective.