Onramp Bitcoin Media Are Bitcoin Treasuries the Next Big Thing or the Next Blowup? with Richard Byworth
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Jun 27, 2025 
Richard Byworth, CEO of Syz Capital, brings a wealth of knowledge on Bitcoin treasuries and traditional finance. Joined by Bram Kanstein, a prominent voice in the Bitcoin community, they dive into the role of Bitcoin as a financial benchmark and its implications for both retail and institutional investors. The duo discusses the transformative potential of Bitcoin in home financing, the risks associated with Bitcoin treasuries, and the importance of patience in investment strategies. Their insights illuminate Bitcoin's evolving role in the financial landscape.
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Bitcoin as True Hurdle Rate
- Denominating venture funds in Bitcoin demands beating Bitcoin's performance for fees.
- This approach honestly aligns investor incentives and sets Bitcoin as the true hurdle rate.
Treasuries as Market Release Valve
- Bitcoin treasury companies act as a release valve for overpriced traditional equity and bond markets.
- They enable Wall Street's gradual transition into Bitcoin, balancing volatility and valuations.
Retail and Institutional Dynamics
- Bitcoin treasury companies have strong institutional backing but significant retail interest.
- This dual participation drives growth yet also fuels skepticism within the Bitcoin community.