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Bitcoin Treasury Finance, Index Access, and Capital Market Scaling

The December 30, 2025 episode of the Coin Stories podcast features Andrew Kang explaining why Strategy continues to expand its Bitcoin treasury through capital-market engineering rather than operating cash flow.

Quantum-Resistant Bitcoin: Hash-Based Signatures and Migration Risks

The December 31, 2025 episode of the TFTC podcast features Jonas Nick and Mikhail Komarov explaining how quantum capability could turn exposed public keys into forged signatures and direct coin theft.

Lightning’s Quiet Shift from Capacity to Reliability

The December 29, 2025 episode of the Stephan Livera Podcast features Nate (“Beeforbacon”) arguing that the Lightning Network’s biggest gains now show up in payment reliability and operational usability rather than in rising public channel capacity.

Bitcoin Treasury Finance, Yield Products, and Index Rules

The December 23, 2025 episode of Coin Stories features MicroStrategy's Phong Le explaining how a corporate Bitcoin treasury strategy increasingly relies on capital-markets instruments, liquidity reserves, and explicit risk framing rather than simple buy-and-hold messaging.

Ecash Mints on Bitcoin: Privacy Gains, Trust Costs

The December 27, 2025 episode of The Transformation of Value features Erik Cativo explaining why Bitcoin-denominated ecash mints can make everyday payments feel like sending a message while restoring cash-like privacy.

Bitcoin’s Anti-Capture Logic: Protocol Use vs Financialization

The December 22, 2025 episode of The Bitcoin Matrix features Jeff Booth arguing that Bitcoin’s long-run strength comes from people using it as an open protocol rather than holding it as an intermediated asset.

Fiscal Dominance, Debasement, and Bitcoin’s Governance Test

The December 22, 2025 episode of The Bitcoin Edge with Paula features Lyn Alden arguing that heavily indebted states can avoid nominal default while delivering a real default through persistent currency debasement.

Bitcoin supply, demand, and price dynamics

We develop a bottom-up, quantity-clearing model of Bitcoin price formation that couples its fixed 21-million-coin cap with plausible demand growth and execution behavior.

Draft Bitcoin horizon scan book online

Leveraging a modified, AI-assisted horizon scanning approach and analysis of 1,900 hours of 2024 Bitcoin-focused podcasts distilled with LLMs, it converts thousands of raw “threats and opportunities” into a preliminary research agenda.

2024 Bitcoin research horizon scan

I used an AI-assisted 'key questions' approach to: (1) analyze transcriptions from 1,818 Bitcoin podcast episodes from 2024; (2) identify Bitcoin-oriented threats and opportunities; and (3) create and refine a list of 100 policy-salient Bitcoin research questions.

What if US states had invested in Bitcoin in 2018?

I recently led the writing for a Satoshi Action Education report, coauthored with Eric Peterson and Dennis Porter, entitled "Strategic portfolio allocations for financial resilience: a counterfactual analysis of Bitcoin and gold in US state Rainy Day Funds." Eric had the idea for this project, which asked '

Update - Bitcoin pricing framework / model published!

I'm happy to announce that our new journal article, "A supply and demand framework for Bitcoin price forecasting," was published today and is now available for free download from the Journal of Risk and Financial Management. Click on the link below: A Supply and Demand Framework

Strategic portfolio allocations for financial resilience: a counter-factual analysis of Bitcoin and gold in US state Rainy Day Funds

Rainy Day Funds (RDFs) help U.S. states manage fiscal shortfalls and shocks but often rely on low-risk, low-yield investments that erode under inflation. In this paper, we test whether partial allocations to Bitcoin and gold bolster RDF performance from 2018 to 2024.

Forecasting Bitcoin Price Trajectories Using Supply and Demand Dynamics

This post gives a non-technical summary of our new Satoshi Action working paper. We developed a Bitcoin supply-and-demand framework and model for forecasting Bitcoin price trajectories out to 2036.