We Study Billionaires - The Investor’s Podcast Network BTC241: Bitcoin Treasury Companies w/ James Check (Checkmate) Bitcoin Podcast
148 snips
Jul 2, 2025 
In this engaging discussion, James Check, a Bitcoin analyst known for his contrarian insights, joins the hosts to explore the shifting cryptocurrency landscape. They analyze the lessons of the 2020-2021 crypto cycle and the impact of futures and ETFs on today's market. The conversation delves into how mining subsidies shape innovation, the role of fees in preventing censorship, and the rise of Bitcoin Treasury companies, including a comparison of MicroStrategy and its competitors. Tune in for sharp insights on Bitcoin's evolving narrative and financial strategies!
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Lessons from 2021 Crypto Cycle
- James Check shares his experience of misreading the 2021 crypto cycle due to lack of on-chain data expertise.
- He missed the shift from spot to leverage-driven markets and flipped bullish at the peak mistakenly.
Market Shift to Leverage Driven
- Bitcoin's market has shifted from spot-dominance to a leverage-driven futures and options landscape.
- Large transactions dominate on-chain volume while mempool activity remains very quiet, signaling this structural change.
Fees Secure Bitcoin from Censorship
- Miner fees, not the block subsidy, ultimately secure Bitcoin from censorship.
- High fee pressure incentivizes miners to compete and disincentivizes attacks via empty block mining.
