The Strategic Bitcoin Reserve Playbook: Inside BPI’s Toolkit for Sovereign Adoption

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media...Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology.00:00 - Bitcoin's All-Time Highs and Market Dynamics14:53 - The Role of ETFs and Retail Interest in Bitcoin21:52 - Venture Capital and Strategic Capital Allocation29:47 - Counterparty Risks and Market Stability31:38 - The Gambling Nature of Crypto Markets33:43 - Market Structure and Bitcoin Dominance36:01 - Retail vs. Institutional Demand in Crypto40:12 - Privacy and Decentralization in the Age of AI44:41 - Wages, Inflation, and Bitcoin Accumulation47:44 - The Evolution of Bitcoin Mining52:35 - Convergence of AI and Bitcoin57:57 - Historical Perspectives on Capital and ControlIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Links discussed:https://x.com/MTanguma/status/1944718183509664170https://x.com/matthew_pines/status/1944465838448525806https://x.com/anilsaidso/status/1943662915745350084https://www.theblock.co/post/362357/next-crypto-ipos-vcs?utm_source=twitter&utm_medium=socialhttps://x.com/EricBalchunas/status/1943664470032576876https://thedefiant.io/news/markets/pump-fun-raises-500-million-minutes-pump-token-sale-fc226b29https://www.nbcboston.com/news/business/money-report/trump-certainly-can-fire-fed-chair-powell-if-theres-cause-hassett/3765586/https://blockworks.co/news/coreweave-pending-buy-aihttps://www.nbcboston.com/news/business/money-report/trump-certainly-can-fire-fed-chair-powell-if-theres-cause-hassett/3765586/Keep up with Michael: X and LinkedInKeep up with Brian: X and LinkedInKeep up with Liam: X and LinkedIn

From the Onramp Media archives: Michael Saylor on bitcoin as digital capital, the $100 trillion idea reshaping markets, and why bitcoin sets the true hurdle rate for capital allocation. Originally recorded in October 2024.00:00 – Viral Adoption & Exponential Growth02:25 – Bitcoin as Digital Capital04:30 – 24/7 Global Markets & Capital Efficiency11:30 – Bitcoin as the True Hurdle Rate16:15 – Institutional Yield & Counterparty Risk25:25 – Strategic Leverage & Capital Allocation29:55 – The Three Planks of Institutional Adoption34:30 – Custody, Competition & Market Dynamics43:50 – BTC Yield as a Corporate KPI50:55 – Operating Companies vs. Trusts & ETFs53:20 – There Is No Second Best58:05 – Focus, Execution & the Bitcoin EraPlease subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Onramp // Onramp Terminal // Bitcoin Policy Institute // Zack Shapiro on X // Zack Cohen on X // State-Level SBR ToolkitThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.00:00:00 – Intro + Why This Episode Matters00:02:42 – BPI’s Strategic Reserve Toolkit: Origin Story00:05:05 – Toolkit Design Philosophy: Modular, Open Source, Comprehensive00:07:05 – Why States (Not Just Feds) Should Lead00:09:14 – Execution Challenges: Buying, Custody, and Governance00:16:15 – The Case for Multi-Institution Custody00:19:05 – Custody Standards, QCs, and Onramp’s Role00:25:30 – How States Can Actually Buy Bitcoin00:29:15 – Funding Sources: Taxes, Pensions, Bit Bonds00:35:15 – Toolkit as an Educational Resource00:54:15 – Bitcoin Opportunity Zones & Energy Development00:57:45 – Property Rights & Custody Protections01:01:45 – Why Self-Custody Is Non-Negotiable01:05:45 – Toolkit Implementation & State-Level Game Theory01:10:15 – Federal Landscape: Clarity Act, Bitcoin Act, Executive Path01:14:15 – Macro Backdrop: Debt Spiral & Fiscal Dominance01:21:37 – Outro + Where to Find the ToolkitPlease subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media...Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology.00:00 - Elon Musk's America Party and Bitcoin06:49 - The Future of AI and Capital Flow11:35 - Disruption in Technology: Uber vs. Airbnb16:18 - Stable Coins and International Remittance22:29 - JP Morgan's Outlook on Bitcoin and Gold29:51 - The Future of Hard Assets: Bitcoin and Gold34:22 - Revolutionizing Company Building with AI36:11 - AI Adoption in the Workforce: A Slow Transition38:20 - The Cognitive Impact of AI on Human Thinking41:32 - Balancing AI and Human Creativity48:24 - California's Startup Landscape: Trends and Insights50:26 - The Rise of Crypto-Focused BankingIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Links discussed:https://www.ben-evans.com/presentationshttps://techcrunch.com/2025/06/26/this-ai-powered-startup-studio-plans-to-launch-100000-companies-a-year-really/https://www.craincurrency.com/family-office-management/family-offices-quietly-using-venture-studios-build-companieshttps://news.crunchbase.com/venture/california-startup-funding-share-rising-unicorns-openai-spacex/?utm_source=Iterable&utm_medium=email&utm_campaign=newsletter-20250703https://finance.yahoo.com/news/tech-billionaires-led-palmer-luckey-124008946.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAIGaZKOVKtrpqCRAE8epUWbgt2Y3NclOOU5no8ADjupJu2O2DFHH6pnOkv9Qz5BvSo_zqE3s3lfLBvX391N4y01VySicBK594A4CsjzSFUMZq3lpuOVHsbGlTAyHzRAVhEe_6Ova_Fw6AwwRfqPC404rPlpKHZLA_Og5PkpxJXc7https://x.com/stable/status/1940048398595547289?s=46&t=PV2x02cG_nl7mRDNaKNUMAhttps://x.com/BitcoinNewsCom/status/1939987595020140708https://www.privatebank.citibank.com/insights/managing-risk-amid-geopolitical-tensionhttps://privatebank.jpmorgan.com/content/dam/jpm-pb-aem/global/en/documents/insights/outlook/2025-Mid-Year-Outlook-Comfortably-Uncomfortable.pdf?page=27https://www.gallup.com/workplace/691643/work-nearly-doubled-two-years.aspxhttps://seekingalpha.com/news/4464052-elon-musks-xai-raises-5b-each-in-new-debt-and-equity-morgan-stanleyKeep up with Michael: X and LinkedInKeep up with Brian:  X and LinkedInKeep up with Liam:  X and LinkedIn

Connect with Onramp // Onramp Terminal // David ThayerThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.00:00 - Welcoming Back David Thayer09:30 - Bitcoin ETF and Institutional Adoption17:15 - Portfolio Allocation and Wealth Transfer24:14 - Market Dynamics and Economic Indicators29:13 - Concentration in Equity Markets34:30 - Liquidity and Monetary Policy Effects42:12 - Taxation and Economic Implications45:08 - Robinhood and Tokenization of Assets49:56 - Bitcoin as a Store of Value54:39 - The Future of Bitcoin Treasuries01:13:48 - Independence Day Reflections and Bitcoin's Role01:20:08 - Outro and DisclaimerPlease subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media...Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology.00:00 - Introduction to the Show and Guests03:22 - Expanding the Conversation: Bitcoin and Capital Markets05:38 - Robinhood's Crypto Push and Tokenization Trends12:00 - Value Accrual in Crypto and Traditional Markets19:57 - User Experience vs. Infrastructure in Crypto24:22 - AI Disruption: Winners and Losers in Venture Capital37:14 - The Rise of AI in Venture Capital40:07 - Understanding Revenue Metrics in Startups42:31 - The Shift in Founder Expectations47:14 - The Unsustainable Venture Capital Game51:43 - The Importance of Sound Money Principles55:33 - The Future of Venture Capital and Bitcoin01:01:30 - The Evolving Landscape of Crypto CustodyIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Links discussed:https://x.com/robpetrozzo/status/1939721226697494733https://x.com/amitisinvesting/status/1939716899656679693https://x.com/RobinhoodApp/status/1939709086645232006https://techcrunch.com/2025/06/25/kalshi-closes-185m-round-as-rival-polymarket-reportedly-seeks-200m/https://www.google.com/url?q=https://www.reuters.com/technology/polymarket-nears-200-million-raise-over-1-billion-valuation-source-says-2025-06-24https://x.com/Bruce_Markets/status/1937583818430435410https://x.com/matthew_sigel/status/1940007846680183026https://confluencevcweekly.beehiiv.com/p/yc-ai-agentshttps://newsletter.pragmaticengineer.com/p/state-of-eng-market-2024https://levelvc.com/this-is-not-your-mothers-alpha/https://x.com/bgurley/status/1932942519802777681https://x.com/MTanguma/status/1940009119886533089https://drive.google.com/file/d/1Srl8Y4pBoKtNVYZBxmfj2TEMYM5tp1mE/viewKeep up with Michael:https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian:https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam:https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/Keep up with Clay:https://www.linkedin.com/in/cbnorris/https://x.com/ClayNorris10https://confluencevcweekly.beehiiv.com/subscribehttps://www.outlaw.vc/

Connect with Onramp // Onramp Terminal // Richard Byworth on X // Syz Capital // Bram Kanstein on XThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.00:00 - Welcoming Back Richard Byworth01:15 – Bitcoin as the Hurdle Rate07:37 – Rise of Bitcoin Treasury Companies09:34 – Strategy’s “21-21 Plan” & Market Reaction16:25 – Retail Participation & Counterparty Risk22:14 – Cultural Rift: Bitcoin Maxis vs TradFi Infiltration27:46 – Custody, Governance, and Hidden Risks30:10 – Geographic Arbitrage: Why the UK & Japan Are Hotbeds39:54 – Bitcoin as Mortgage Collateral: FHFA Policy Shift47:17 – Bitcoin’s Role in Recapitalizing Debt Markets50:02 – Why Bitcoin Isn’t $250K (Yet)54:31 – Patience, Conviction, and the Fiat Mind Virus58:10 – Are BTC Treasury Companies Just ICOs in Disguise?01:06:07 – ICO PTSD & the Need for Disciplined Diligence01:10:43 – Final Thoughts & BPI Summit Recap01:14:26 – Outro & DisclaimerPlease subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology.00:00 - Introduction and Overview of Recent Developments02:48 - Stablecoins and Regulatory Changes06:43 - Market Dynamics and Institutional Trust10:56 - Texas Bitcoin Reserve Legislation14:42 - Custody Solutions and Security Risks20:57 - Technological Revolutions and Market Perception32:14 - Navigating Competition in Crypto Markets33:39 - The Zero-Sum Nature of Bitcoin Trading36:33 - Counterparty Risks and Market Dynamics38:34 - The Role of Institutional Adoption in Bitcoin's Future41:59 - Understanding Bitcoin's Volatility and Market Behavior45:29 - The Future of Money and Digital Assets46:39 - The Impact of Capital Constraints on Business Growth49:36 - Bitcoin as a Conservative Capital Strategy52:06 - Building Sustainable Businesses in a Bitcoin Economy56:43 - Counterparty Risk in Gold and Bitcoin MarketsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Links discussed:https://www.earlyriders.com/open-range/open-range-reserves-rise-hackers-strike-and-futures-coolhttps://www.cnbc.com/2025/06/18/pro-israel-hackers-iran-crypto.htmlhttps://www.reuters.com/world/middle-east/suspected-israeli-hackers-claim-destroy-data-irans-bank-sepah-2025-06-17https://cryptobriefing.com/texas-bitcoin-reserve-lawhttps://www.cnbc.com/2025/06/17/genius-stablecoin-bill-crypto.htmlKeep up with Michael: X and LinkedInKeep up with Brian: X and LinkedInKeep up with Liam: X and LinkedIn

Connect with Onramp // Onramp Terminal // Bitcoin Policy Summit // Stephen Pollock on XThe Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset...in the digital age, it's The Last Trade that investors will ever need to make.00:00 - Introduction to Stephen Pollock from BPI01:09 - Market Resilience Amid Geopolitical Tensions07:04 - The Genius Act and Its Implications for Stablecoins14:57 - The Future of Stablecoins and Financial Services20:52 - Digital Threat Landscape and Bitcoin Custody28:11 - Bipartisan Support for Bitcoin Policy33:51 - The Economic Weight of Bitcoin in Politics37:35 - The Current State of Bitcoin Adoption44:01 - Comparing Bitcoin to Historical Technological Shifts50:43 - Bitcoin's Relationship with Government and Policy57:34 - The Future of Bitcoin in America01:03:44 - Bitcoin Policy Summit Sneak PreviewPlease subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

Connect with Early Riders // Connect with OnrampPresented collaboratively by Early Riders & Onramp Media...Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology.00:00 - Market Volatility and Bitcoin's Resilience03:52 - Geopolitical Events and Bitcoin's Reaction06:40 - The Role of Stablecoins in the Crypto Ecosystem09:46 - Innovations in Crypto Products and Market Strategies12:47 - Corporate Adoption of Bitcoin Treasury Strategies15:45 - The Shift Towards Stablecoins and Bitcoin Integration18:44 - Cardano's Move Towards Bitcoin22:02 - Bitcoin Dominance and Market Dynamics29:23 - The Evolving Landscape of Crypto Firms32:07 - Consolidation in Bitcoin Treasury Strategies33:10 - The Value of Bitcoin as a Treasury Asset34:36 - The Race for Bitcoin Accumulation36:27 - Market Dynamics and Concentration Risks38:30 - Public Market Trends in Crypto40:29 - The Future of Bitcoin and Corporate Strategies43:14 - Innovations in Crypto Custody Solutions45:58 - Macro Trends and Employment Dynamics48:57 - The Intersection of AI and Bitcoin51:48 - Tether's Strategic Investments in Scarce Assets55:22 - CPI Methodology and Inflation InsightsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly.Links discussed:https://www.earlyriders.com/open-range/global-heavyweights-back-bitcoin-as-collateral-w6xa6https://finance.yahoo.com/news/stripe-buy-crypto-wallet-provider-085421625.htmlhttps://www.gemini.com/strategic-bitcoin-reservehttps://www.coinbase.com/blog/earn-up-to-4-percent-bitcoin-back-on-every-purchase-with-the-new-coinbase-one-cardhttps://coincentral.com/coinbase-to-roll-out-crypto-perpetual-futures-for-u-s-traders/https://finance.yahoo.com/news/growing-number-fortune-500-companies-180249961.htmlhttps://x.com/coinbureau/status/1934181586985013412?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweethttps://finance.yahoo.com/news/financial-markets-giant-dtcc-explores-151007216.htmlhttps://x.com/i3_invest/status/1932890582713840042?s=46&t=PV2x02cG_nl7mRDNaKNUMAhttps://x.com/themaverickws/status/1932793962760445998?s=46&t=PV2x02cG_nl7mRDNaKNUMAhttps://x.com/globalmktobserv/status/1932807578792177913?s=46&t=PV2x02cG_nl7mRDNaKNUMAKeep up with Michael: X and LinkedIn Keep up with Brian: X and LinkedInKeep up with Liam: X and LinkedIn