Is the U.S. on the brink of creating a national strategic bitcoin reserve or will Zoom (NASDAQ: ZM) buy bitcoin first? In this episode, we sit down with Eric Semler, Chairman of Semler Scientific, seasoned investor, and founder of TCS Capital, to discuss why he believes bitcoin will not only match gold’s valuation but far exceed it. Eric shares his early exposure to bitcoin, the pivotal moments that shaped his conviction, and the strategy behind his firm’s aggressive accumulation. We break down BTC Yield, the real hurdles stopping corporations from adopting bitcoin, and why institutional investors are still skeptical. Eric also gives his take on the evolving role of banks in bitcoin custody and how global trade shifts could accelerate bitcoin’s rise. We wrap up with insights on bitcoin’s long-term trajectory, the risks it still faces, and why even skeptics may soon become bitcoin savers.
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TIMESTAMPS:
0:00 - Intro
1:07 - How Eric first heard about bitcoin
3:06 - The debate among top investors in bitcoin’s early days
5:14 - Why Eric didn’t buy bitcoin immediately
6:48 - How Eric values publicly traded bitcoin companies
10:16 - The significance of BTC yield and its impact on valuations
14:10 - Why institutional adoption of bitcoin is still lagging
17:35 - The biggest hurdles stopping companies from putting bitcoin on their balance sheets
20:25 - Will banks start custodying bitcoin soon?
24:58 - Should bitcoiners be concerned about banks lending bitcoin?
27:59 - How tariffs, trade wars, and inflation impact bitcoin’s future
29:52 - Could the U.S. create a national strategic bitcoin reserve?
33:20 - Why Eric believes bitcoin will far exceed gold’s valuation
36:52 - What happens once bitcoin reaches full adoption?
38:06 - Thoughts on MicroStrategy’s rebrand to Strategy
43:55 - Are any CEOs actually considering putting bitcoin on their balance sheet?
46:22 - The biggest risk to bitcoin’s future
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The Bitcoin Frontier