Because of Bitcoin

In this episode, Mauricio sits down with Sam Callahan, Director of Bitcoin Strategy & Research at Oranje BTC, to discuss his upbringing in a middle-class American family where his father — a self-described gold bug — instilled in him a deep distrust of central banks, a respect for Austrian economics, and the importance of managing your own money, laying the ideological groundwork for what would become a full-time career in Bitcoin. Sam explains what drew him to the space: the rare alignment between asymmetric financial upside and genuine humanitarian impact, drawing on the work of Alex Gladstein and the reality that billions of people suffer from the second-order effects of fiat currency debasement. He then breaks down the current Bitcoin treasury company landscape, cautioning against treating all treasury companies as interchangeable. He argues that the bear market is separating the wheat from the chaff — with well-capitalized, low-leverage companies like Oranje BTC continuing to trade above NAV while overleveraged competitors face existential pressure. Sam walks through the key differences between treasury company archetypes: pure Bitcoin credit distilleries like Strategy and Strive, operator-hybrid models, and companies simply adopting Bitcoin as a debasement hedge — arguing that every corporation will eventually fall into one of these buckets. He then traces the evolution of treasury financing models, from zero-coupon convertible debt — which attracted volatility-harvesting hedge funds misaligned with the long-term thesis — to perpetual preferred equity like STRC, which Saylor has structured to eliminate maturity risk, refinancing risk, and restrictive covenants while creating permanent capital that matches Bitcoin's long-duration nature and is accessible to retail investors. Finally, Sam makes the case for Oranje BTC as a compelling opportunity for international investors. He points to Brazil's outsized crypto adoption, its abundance of natural resources, the ongoing macro rotation toward emerging markets under a weaker dollar regime, the relative lack of competition in the region's public Bitcoin vehicle market, and Oranje BTC's early traction with the largest financial institutions in Latin America.

In this episode, Mauricio sits down with Adam Reeds, co-founder and CEO of Ledn, to discuss his upbringing in Canada in a family shaped by his father's work in agricultural banking and his mother's career in education — a stable, functional financial backdrop that would later contrast sharply with Mauricio's Venezuelan experience and ultimately inspire the founding of Ledn. Adam breaks down Ledn's landmark $188 million Bitcoin-backed loan ABS (Asset-Backed Securities) bond — the first of its kind in history. He explains how the structure mirrors traditional finance vehicles used for auto loans, mortgages, and credit card debt, and why fitting Bitcoin-backed loans into that framework unlocks access to the $3 trillion US ABS market. He details why Ledn was uniquely positioned to pull this off after eight years of operating with zero client or loan losses. He also explains how that track record was essential for S&P Global to issue the first-ever investment grade rating on a Bitcoin product. Adam walks through the rigorous year-long process with S&P, including stress tests around Bitcoin volatility, liquidation thresholds, and systemic risk scenarios — many of which played out live as Bitcoin's price dropped from the 80s to the 60s during the deal's marketing period, ultimately validating Ledn's automated and non-discretionary processes in real time. Led by Jefferies as structuring agent, the deal attracted 15 institutional participants across 50 meetings, including a major reinsurance company, traditional credit funds, and hedge funds. It closed more than two times oversubscribed on the senior tranche and three times on the mezzanine. Adam explains how the bond's structure — with Fidelity as custodian and a blended rate of 7.2% — brings unprecedented transparency to Ledn's operations, allowing clients to see exactly where their Bitcoin sits and how the funding side of the business works. He also discusses how this model removes the arbitrary jurisdictional barriers of traditional lending by treating Bitcoin collateral from borrowers around the world as equal, regardless of geography. Looking ahead, Adam previews lower rates for borrowers, expansion into more US states, better functionality for business accounts at Ledn, and the rollout of Ledn's mobile app.

In this episode, Mauricio sits down with Andreas Steno Larsen to discuss his upbringing in a family influenced by macroeconomics and markets, shaped by his father's role as a chief economist. Andreas explains his liquidity-centric global macro framework, emphasizing how global liquidity—driven by central banks, treasuries, and commercial banks—serves as the primary force behind asset prices, operating in extended cycles likely peaking around Q3 or Q4 of 2026 amid midterm elections. He explores the interplay of politics, low interest rates, and abundant liquidity leading to potential inflation in 2027, while addressing Bitcoin's resilient yet dislocated price action amid geopolitical tensions and AI disruptions, viewing it as infrastructure rather than mere software. Andreas rebuts doomsday AI theses by invoking the Jevons paradox, predicting productivity gains and increased demand rather than mass unemployment, and highlights catalysts like stablecoin adoption for an agentic economy. The conversation also covers geopolitical hedges, with oil, natural gas, and gold outperforming silver, and touches on central banks' potential Bitcoin adoption.

In this episode, Mauricio sits down with Nico as he shares his personal journey from his early upbringing to becoming a successful entrepreneur and investor in the Bitcoin space. He discusses his early experiences with money, the concept of 'broken money' in emerging markets, and how these experiences shaped his understanding of financial systems. Nico also delves into his transition to Bitcoin, the founding of Ego Death Capital, and the importance of investing in Bitcoin companies. He emphasizes the need for innovative financial products that leverage Bitcoin's potential, particularly in the context of mortgages and other significant purchases.

In this episode, Mauricio sits down with Steven Lubka — formerly Head of Private Wealth at Swan Bitcoin and now VP of Investor Relations at Nakamoto — to unpack the rise of Bitcoin treasury companies, the mechanics behind “Paper Bitcoin Summer,” and how public markets are becoming a major force in global Bitcoin adoption. Steven shares his personal journey from a non-financial upbringing to becoming one of the most recognizable voices in Bitcoin, and he explains how understanding investing changed his life.

They discuss how Bitcoin treasury companies differ from ETFs, why they’re resonating with global capital markets, and the role Nakamoto aims to play by creating first-mover treasury companies in international markets.

In this episode of Because of Bitcoin, Mauricio Di Bartolomeo sits down with Paolo Ardoino, Chief Executive Officer of Tether, to break down Tether’s recent strategic investment into Ledn, the synergies between the 2 companies, Tether’s approach to growth and strategic investments, and where he sees the industry going in the years ahead.

Paolo shares his vision for Tether products providing stability and resilience in times of chaos and volatility, why he believes international distribution and transparency are so important for companies in the digital asset industry, and how to build “unbeatable” products.  

If you’re curious about how the largest company in the digital asset space and the creators of the world’s largest stablecoin see the future of the industry, you can’t miss this conversation. 

Key topics covered:

• Background on Tether and Ledn's institutional relationship
• The synergies between Tether products and Ledn services
• Tether's approach to investments and growing its distribution network
• Why international distribution is so important for digital asset companies
• Paolo’s vision for Tether Gold (XAUT), their fastest growing asset
• The strategic importance of proof of reserves in the digital asset ecosystem, both for companies and clients
• The future of the digital asset lending ecosystem

Follow Paolo Ardoino on Twitter

Learn More About Tether

Explore Bitcoin-Backed Loans at Ledn

Thank You for Listening!

Enjoyed this episode? Please leave us a review and subscribe to Because of Bitcoin on your favorite podcast platform. Stay informed with our weekly newsletter at ledn.io.

In this episode of Because of Bitcoin, Mauricio Di Bartolomeo sits down with David Lawant, Head of Research at FalconX, to break down how institutions are engaging with Bitcoin, the role of prime brokerages, and what market structure looks like for large-scale buyers.

David shares his journey from growing up in Brazil during a period of hyperinflation to working in traditional finance, discovering Austrian economics, and eventually moving into digital assets. They explore how institutions execute large trades, why Bitcoin is diverging from the rest of the crypto market, and what insights FalconX is seeing from institutional flows.

If you've ever wondered how billion-dollar Bitcoin trades happen behind the scenes or what institutions are really thinking about Bitcoin, this episode is a must-listen.

• David’s Background & Bitcoin Journey: From traditional finance to digital assets.
• How Institutions Buy Bitcoin: The role of prime brokers like FalconX.
• Market Structure & Liquidity: How institutions move large amounts of Bitcoin efficiently.
• Bitcoin vs. the Rest of Crypto: Why institutions view Bitcoin differently.
• Stablecoins & Market Settlement: The growing role of stablecoins in institutional finance.
• Who’s Buying & Who’s Selling?: Insights from FalconX’s trading desk.
• Bitcoin Price Projections: What institutional investors are expecting for the rest of the year.

• Follow David Lawant on Twitter
• Learn More About FalconX
• Explore Bitcoin-Backed Loans at Ledn

Enjoyed this episode? Please leave us a review and subscribe to Because of Bitcoin on your favorite podcast platform. Stay informed with our weekly newsletter at ledn.io.

In this episode of Because of Bitcoin, Mauricio Di Bartolomeo welcomes Ram Ahluwalia, Founder

and CEO of Lumida Wealth, to discuss the psychology of markets, investment cycles, and Bitcoin's

place in the broader financial system. Ram brings his deep expertise in asset management, banking,

and alternative investments to unpack how investors can navigate peak sentiment, risk, and

opportunity in today’s markets.

From his early days studying economics and philosophy at Columbia University to his experience

navigating the 2008 financial crisis, Ram shares insights into why market psychology is the key to

understanding trends, how Bitcoin fits into the macroeconomic landscape, and what investors should

be watching in the coming months.

Key Topics Covered:

• Ram’s Journey: From Wall Street to wealth management and digital assets.
• Market Psychology & Cycles: How emotions drive asset prices, and what peak sentiment looks like.
• Bitcoin & Macroeconomics: Where Bitcoin fits into today’s shifting financial landscape.
• The Evolution of Crypto Lending: Lessons from the Genesis and Celsius collapses and the new risk-aware lending market.
• Investment Strategy for 2024: The biggest opportunities in equities, digital assets, and alternative investments.
• The Role of RIAs in Bitcoin: How Lumida Wealth serves high-net-worth investors in the digital asset space.

Links and Resources:

• Follow Ram Ahluwalia on Twitter
• Subscribe to Lumida Ledger Newsletter
• Explore Bitcoin-Backed Loans at Ledn

Thank You for Listening!

Enjoyed this episode? Please leave us a review and subscribe to Because of Bitcoin on your favorite

podcast platform. Stay informed with our weekly newsletter at ledn.io.

In this episode of Because of Bitcoin, Mauricio Di Bartolomeo sits down with Bryan Courchesne, Founder and CEO of DAIM, the first registered investment advisor (RIA) focused on digital assets. Bryan shares his inspiring journey from the construction industry to Wall Street, and ultimately to pioneering crypto wealth management.

They discuss the challenges of merging Bitcoin with traditional finance, how DAIM offers white-glove services to high-net-worth clients, and the importance of fiduciary guidance for navigating the complexities of digital assets. Whether you’re new to Bitcoin or a seasoned investor, this episode offers valuable insights into the evolving world of crypto and traditional finance.

Key Topics Covered:

● Bryan’s Journey: From construction in Florida to Wall Street and the founding of DAIM.

● Bitcoin Wealth Management: How DAIM helps clients secure and grow their digital asset portfolios.

● Bitcoin in IRAs and Tax Strategies: The benefits of holding Bitcoin in retirement accounts and minimizing tax burdens.

● Regulatory Challenges: How Bryan navigated the SEC to create the first RIA focused on digital assets.

● Lending with Bitcoin: The growing demand for Bitcoin-backed loans and how DAIM and Ledn collaborate to offer tailored solutions.

● Future of RIAs in Crypto: Predictions for the role of fiduciaries in the financialization era of Bitcoin.

Links and Resources:

● Learn More About DAIM

● Follow Bryan Courchesne on LinkedIn

● Explore Bitcoin-Backed Loans at Ledn

Thank You for Listening!

Enjoyed this episode? Please leave us a review and subscribe to Because of Bitcoin on your favorite podcast platform. Stay informed with our weekly newsletter at ledn.io.

In this episode of Because of Bitcoin, Mauricio Di Bartolomeo welcomes Nick Neuman, the Co-founder and CEO of Casa, to discuss the evolution of Bitcoin self-custody, the benefits of collaborative custody, and how Casa simplifies Bitcoin security for individuals and businesses. Nick shares his journey from growing up in Kansas City to becoming a leader in Bitcoin security, as well as how Casa empowers users to take control of their digital assets while mitigating common risks.

Whether you're a seasoned Bitcoin investor or new to the world of digital assets, this episode sheds light on how self-custody and innovative tools like multisig are redefining financial freedom.

• Nick’s Journey: From humble beginnings in Kansas City to founding Casa and revolutionizing Bitcoin security.
• What Is Collaborative Custody?: How multisig setups distribute the risk of managing Bitcoin keys across devices or agents.
• Bitcoin Security Innovations: Casa’s recent features, including Casa Inheritance and YubiKey support, to enhance usability and safety.
• For Individuals and Businesses: How Casa serves high-net-worth individuals and companies securing Bitcoin as a treasury asset.
• Challenges in Financial Services: Why traditional institutions are slow to adopt multisig custody solutions and how decentralized finance could fill the gap.

• "Bitcoin enables financial freedom and privacy in a way that no other tool had done yet." — Mauricio Di Bartolomeo
• "We design all the best practices into Casa as defaults, so you don’t have to be a security expert to protect your Bitcoin." — Nick Neuman
• "Self-custody puts you in control of one of the most important things in your life—your money." — Nick Neuman

• Learn More About Casa
• Follow Nick Neuman on Twitter
• Explore Bitcoin-Backed Loans at Ledn

Enjoyed this episode? Please leave us a review and subscribe to Because of Bitcoin on your favorite podcast platform. Stay informed with our weekly newsletter at ledn.io.