The Mustard Seed—a bitcoin and long-term thinking podcast

Fred Krueger, a Bitcoin investor and author, dives into a world where Bitcoin hits $10 million. He discusses the potential coexistence of Bitcoin and fiat, the declining value of traditional assets like real estate, and how deflation can drive innovation. The conversation explores the implications for portfolio allocation, advocating for significant Bitcoin holdings and questioning whether the traditional 60/40 investment strategy is still viable. He also highlights how AI and automation could reshape society during this transition.

Is the global monetary system is cracking? In this episode, Joe Consorti explains why gold’s record-breaking surge is a warning signal, how sovereigns are accelerating a shift in global finance, and why bitcoin may soon explode after months of consolidation. We cover the Fed’s race to respond faster to every crisis, what renewed liquidity means for risk assets, and how monetary easing could fuel the next leg of bitcoin adoption. Joe also breaks down Strategy’s STRC and why digital credit could redefine yield as capital moves from fiat to bitcoin-based instruments.Timestamps:00:00 - Intro and welcome to The Mustard Seed Podcast00:35 - Why gold is up 62% in 202503:18 - The global monetary reordering underway06:14 - Why bitcoin can still move violently higher11:13 - Why bitcoin beats gold as a store of value13:21 - How banks now view bitcoin as part of the gold trade16:20 - Why gold is outperforming bitcoin this year20:35 - How the Fed, shutdowns, and tariffs weigh on bitcoin24:05 - Why the Fed’s crisis response time keeps accelerating29:17 - Why the Fed can’t allow a protracted bear market35:16 - Comparing 2021’s tightening to today’s easing cycle40:10 - What happens when liquidity returns to markets44:58 - Introducing digital credit and MicroStrategy’s STRC48:39 - Why STRC could attract yield-hungry investors52:09 - Why bitcoin’s next breakout could be explosive54:29 - Final thoughts and closing advice from Joe Consorti

Bitcoin is becoming the foundation of a new financial and technological order. In this episode, Christian Catalini shares why open networks must win over corporate blockchains, how the Lightning Network and Spark are unlocking true global payments, and what lessons he learned building Libra inside Facebook. We explore the limits of stablecoins, the risks of leverage, and why proof of work may be humanity’s greatest defense in a world racing toward automation.Timestamps:00:00 - Welcome and guest intro00:20 - The MIT bitcoin experiment02:09 - Why Christian is a bitcoin pragmatist02:30 - Linux analogy for bitcoin04:11 - Making Lightning Network enterprise grade05:37 - Before Lightspark: MIT professor to fintech researcher08:12 - Inside Project Libra10:04 - Building on permissionless open networks11:10 - When block subsidies fall to zero15:06 - How AI reshapes work and value17:31 - Why AI agents should not hold wallets18:40 - Micropayments for agents with Lightning20:29 - Are we plateauing or accelerating in AI22:49 - Redefining capitalism for the AI era24:18 - The real AI risk: unknown preferences26:51 - bitcoin and money in an automated world28:24 - Proof of work as time and energy31:32 - Is AI bigger than bitcoin32:27 - The current state of the Lightning Network44:24 - Thoughts on Saylor’s preferred equity47:40 - Closing call to builders to choose open networks

Wall Street is being reshaped as bitcoin ETFs smash records and force traditional investors to pay attention. In this episode, James Seyffart explains why demand has blown past even BlackRock’s expectations, who is really buying these ETFs, and how trillions in advisor-controlled assets could soon flow into bitcoin. We examine Michael Saylor’s bold strategy, why treasury companies trade at premiums, and the growing debate over whether ETFs suppress volatility or create “paper bitcoin.” The conversation also explores passive investing’s hidden distortions, the fight for S&P 500 inclusion, and how corporate finance is quietly accelerating bitcoin’s march into the global system.Timestamps:0:00 - Intro1:00 - Why bitcoin ETFs shocked even BlackRock2:15 - How trad fi views bitcoin today4:35 - Who is really buying the bitcoin ETFs6:00 - Advisors vs hedge funds and retail9:10 - UAE sovereign wealth fund steps in10:13 - How big can bitcoin ETFs get12:00 - Why advisors still face restrictions14:23 - Could bitcoin ETFs reach $1 trillion16:00 - bitcoin vs gold ETFs explained18:43 - Michael Saylor’s reputation in trad fi21:00 - Why people are fascinated by Saylor’s strategy23:04 - Have ETFs reduced bitcoin’s volatility26:44 - Are ETFs creating “paper bitcoin”30:07 - Inside the bitcoin ETF options market32:29 - bitcoin treasury companies explained38:25 - Why strategy wasn’t added to the S&P 50045:03 - Passive vs active investing explained51:37 - The bull market subsidy in asset management1:00:06 - Closing thoughts

Join investor Jesse Myers as he dives into the shifting landscape of Bitcoin. He shares insights on why traditional boom-and-bust cycles may be fading and emphasizes the critical need for smart positioning to weather market downturns. Jesse explores the influence of treasury companies on investor psychology and Bitcoin's trajectory, along with the surprising strength of gold as a competing asset. He also discusses global wealth trends and the unexpected factors that will shape Bitcoin adoption over the next decade.

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!

What if corporations began treating bitcoin as their benchmark for capital allocation? In this episode, Nick Colletta, Treasurer at Semler Scientific, shares his journey from Deloitte Digital Assets to leading one of the first public bitcoin treasury companies, explaining why bitcoin per share is the key metric, how to manage volatility, and why security is paramount. He also discusses the early stage of corporate adoption, future treasury innovations, and his advice for professionals looking to build a career in bitcoin.Timestamps:0:00 - Nick’s background in accounting and Deloitte digital assets2:38 - Inside Deloitte’s crypto work and becoming bitcoin only5:02 - Why Nick joined Semler Scientific as treasurer5:40 - First encounter with bitcoin and early lessons7:07 - Why bitcoin is the best money8:37 - Why bitcoin matters for corporations10:20 - How bitcoin fortifies corporate balance sheets11:25 - Explaining Semler’s bitcoin treasury strategy12:56 - Key metrics for evaluating bitcoin treasury companies15:03 - Intelligent leverage and long duration financing16:08 - How to think about NAV premiums17:05 - Bitcoin as the hurdle rate for capital allocation18:32 - How early we are in bitcoin corporate adoption19:38 - What really drives bitcoin adoption22:12 - Tools for managing a bitcoin treasury23:36 - Saylor’s playbook and future treasury innovations25:15 - How Semler manages bitcoin’s volatility28:16 - Why securing bitcoin is the top priority30:07 - Proof of reserves, audits, and bitcoin treasuries32:17 - Bitcoin’s path: from individuals to corporations to governments33:21 - Is Wall Street co-opting bitcoin, or vice versa?35:05 - Why Saylor shares his entire strategy with competitors37:23 - Why more companies haven’t copied Saylor yet38:09 - The future of bitcoin treasury companies39:09 - Will bitcoin ever see another brutal bear market?40:35 - Is the bull market over?40:58 - What excites Nick most about the future42:43 - Advice for young professionals entering the bitcoin industry44:05 - Closing thoughts and where to follow Nick

When market sentiment turns sour even as bitcoin trades above $100k, how should investors think about the future of bitcoin treasury companies? In this episode, we sit down with Adrian Morris to unpack the dynamics behind mNAV guidance, ATM usage, and the broader psychology shaping these equities.Timestamps:0:00 - Intro0:50 - Bitcoin hits new all time high, sentiment turns bearish2:23 - Why the market is still strong above $100k3:40 - Bitcoin treasuries as leveraged plays4:21 - Strategy’s mNAV guidance explained6:09 - Did Strategy walk back its guidance?10:27 - Why issuing mNAV guidance was a mistake13:22 - The danger of listening to Twitter noise15:24 - Does this misstep change the long term thesis?18:05 - Strategy as one of the best performing stocks of the decade19:25 - Cooperative dynamics of Bitcoin treasury companies21:21 - Adversarial investors and market psychology23:01 - Bitcoin as signal, treasury companies as amplitude26:25 - How to think about high versus low mNAV multiples29:30 - Is the ATM really driving share price down?33:00 - How management will likely use the ATM going forward35:27 - What could reverse market sentiment38:47 - Why other Bitcoin treasuries may copy preferred equity43:42 - Risks of paying preferred dividends in a bear market47:03 - Strategy’s survival through past bear markets50:23 - Why preferred equity may strengthen resilience51:04 - The key KPI for Bitcoin treasury companies53:51 - Long term outlook for Bitcoin and treasury companies59:19 - Closing thoughts and where to follow Adrian

What if a company could turn Wall Street’s incentives toward accelerating bitcoin adoption? In this episode, we sit down with CJ from Strategy’s bitcoin treasury team to break down how the world’s largest bitcoin treasury company is innovating in capital markets. CJ shares his path from Harvard Business School to Strategy, the key KPI that matters most for bitcoin treasury companies, and why outperforming bitcoin over the long term is the true benchmark.Timestamps:0:00 - Intro0:31 - Harvard to Strategy: CJ’s bitcoin treasury role2:24 - The most important KPI for bitcoin treasury companies5:14 - Why outperforming bitcoin is the ultimate benchmark6:59 - Short-term price dislocations vs long-term performance9:24 - Saylor’s forever time horizon11:00 - Why volatility and volume matter for capital markets strategy13:08 - The ideal bitcoin strategy for emerging treasury companies16:04 - Why preferred equity is replacing convertible notes19:03 - How Strategy designs its preferred equity products21:02 - Should other companies copy Strategy’s preferred equity playbook?23:17 - How leverage supports accretive dilution26:58 - Who’s buying Strategy’s preferred equity products?30:28 - The “iPhone moment” for bitcoin-backed securities33:22 - How Strategy manages price stability for preferred equity35:57 - Could stablecoin issuers adopt bitcoin-backed preferred equity?38:03 - Credit amplification vs “speculative attack”40:41 - Harvard’s $100M bitcoin buy44:19 - Bitcoin’s terminal growth rate and the S&P 50047:07 - Why bitcoin treasury companies trade at a NAV premium49:18 - Strategy’s new mNAV issuance guidance53:39 - The digital transformation of investor relations56:17 - Why bitcoin is now Wall Street’s biggest fee generator58:51 - Closing thoughts and where to find CJ

What happens when a Wall Street quant abandons the fiat casino to chase the hardest money on earth? We unpack Matt McDonagh’s journey from machine-read value screens to an AI-driven venture thesis, tracing how warped price signals, momentum trading, and excess money printing pushed him toward bitcoin’s decentralized rails and a future where technological abundance meets absolute scarcity.Timestamps:00:00 - Intro00:55 - Investment banker beginnings02:15 - Building a machine-read hedge fund04:10 - First brush with bitcoin at Princeton Club06:45 - Hedge fund collapses, tech pivots09:30 - Counting missed satoshis and opportunity cost11:12 - Ai and bitcoin: dueling singularities17:45 - Peering around the technological corner22:07 - Centralization versus decentralization26:21 - Fiat distortions and the asset owner advantage30:17 - Real estate as a leaky store of value35:14 - Technology deflation meets absolute scarcity39:56 - Robots, bio-ceramics, and cheaper housing46:06 - Suppressed tech, electrification, and AI parallels49:15 - Infinite abundance paired with bitcoin scarcity50:52 - Satoshi theories: AI or state project?52:34 - Closing thoughts and thanks