The Mustard Seed—a bitcoin and long-term thinking podcast Filtering out the noise in bitcoin with Pierre Rochard
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Sep 3, 2025 
Pierre Rochard, a Bitcoin entrepreneur and podcaster, dives deep into Bitcoin's growing role in global finance. He discusses the emergence of Bitcoin treasury companies and the immense potential for S&P 500 inclusion, which could accelerate worldwide adoption. Rochard also tackles the intricate dynamics of miner incentives, the debate over security budgets, and the ongoing challenge of transaction filtering. His insights shed light on the speculative attack and the future of Bitcoin amidst evolving market strategies. Tune in for a riveting exploration of Bitcoin's future!
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More Bitcoin Treasuries Help Adoption
- Pierre Rochard says we need more bitcoin treasury companies, not fewer, for long-term adoption.
- He argues market cycles and social media sentiment wrongly paint the space as overcrowded.
MNAV Is A Market Signal, Not Company-Controlled
- MNAV is primarily a market signal set by traders, not by the company itself.
- Strategy's guidance showed management can't simply 'wag the dog' and change MNAV at will.
Concentration Worries Are Overstated Today
- Large percentage ownership of bitcoin by one company is not an immediate problem today.
- Rochard thinks 10–25% of the UTXO set owned by one firm would still be tolerable.