The Mustard Seed—a bitcoin and long-term thinking podcast Amplified Bitcoin, STRC, and Core vs Knots with Stephan Livera
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Nov 19, 2025 In this discussion, Stephan Livera, a prominent Bitcoin podcaster and economist, dives deep into the world of digital credit and its impact on Bitcoin’s dynamics. He explains the concept of amplified Bitcoin and why its volatility can be so intense. The debate between Bitcoin Core and Knots is assessed, revealing how it may be more noise than substance. Topics like the power law adoption model and the looming threat of quantum computing are also explored, alongside insights into Bitcoin’s growth as a medium of exchange and merchant adoption.
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Digital Credit Pulls Future Demand Forward
- Digital credit lets firms borrow against Bitcoin on their balance sheets to fund purchases today.
- Stephan Livera says this flips thinking from quarterly fiat earnings to leveraging known Bitcoin reserves.
Speculative Attack Logic For Treasury Plays
- A speculative-attack logic implies borrowing fiat to buy Bitcoin can work while Bitcoin CAGR exceeds borrowing costs.
- Livera warns this requires competent custody, prudent debt terms, and long durations to avoid liquidation risk.
Earn Hodler Stripes By Surviving Drawdowns
- Expect brutal drawdowns and earn your hodler stripes by living through cycles.
- Only allocate what you can emotionally and financially tolerate because risk tolerance is easily overestimated.