Stephan Livera Podcast

Matt McClintock (Founder & CEO of Bespoke Group) returns to the show alongside Alla Futterman (Associate Client Relationship Manager & Head of Philanthropy Operations) fresh off his main-stage talk at BTC Prague 2026 titled “Using Bitcoin to Change the World.”

In this deep dive, we explore how ultra-high-net-worth Bitcoiners and their families are moving beyond simple HODLing to become active stewards — deploying Bitcoin through sophisticated, values-aligned philanthropy to solve real problems (landmine clearance, human trafficking recovery, wildlife protection, cultural preservation, and more).

We unpack Bespoke Group’s “Wealth Operating System,” sovereign estate planning for bearer assets, tax-efficient giving structures...

In this episode, we sit down with Adam Juchniewicz of Bitcoin Passport Index and Bitcitizen to discuss Bitcoin sovereignty, jurisdictional arbitrage, and how Bitcoiners should think about second passports and residencies.

We dive into the Bitcoin Passport Index, why Bitcoin-friendly tax and legal treatment matters more than most people realize, and how the landscape for citizenship and residency programs is rapidly changing.

Adam also breaks down his fast-track Vanuatu citizenship program and his full-service approach to helping Bitcoiners build a proper sovereign stack — from companies to passports to, in some cases, full exits.

Ti...

Steven Roose (CEO of Second) rejoins me to explain Bark going live on Bitcoin’s main net. 

Timestamps:

(00:00) - Bark mainnet launched on June 9th

(02:01) - Bark and Lightning onboarding

(03:30) - Ark compared to Lightning — replacement or teammate?

(04:15) - User experience with Bark

(05:54) - Developer experience with Bark SDK

(08:04) - Barkd for merchants and services

(08:56) - Dev tooling and VTXO Inspector

(10:40) - What's the current status of adoption and what's coming next?

Fees? 

(13:25) - Tx type overview

L...

In this episode, NG Zhang, founder and CEO of Canaan Inc., shares his journey in Bitcoin mining technology, from early ASIC development to modern innovations like heat reuse and energy integration. We talk about the evolution of mining hardware, industry trends, and future prospects.

Timestamps:

(00:00) –  Intro and Early Days of Bitcoin Mining

(03:40) –  From FPGA to ASIC Technology

(06:22) –  The Avalon A16 Series

(09:07) –  Reliability and Durability of Mining Machines

(12:15) –  Failure Rates and Useful Life

(14:40) - Primary Market and Secondary Market for Mining

(16:40) –  Small Scale vs. Large Scale Mining...

In this episode, I caught up with Will Cole from Zaprite, Alex Bragin (Jan3), Nathan Day from BTCMap, Philipp (Satora), and Skot 9000 (BitAxe/SHA256) while at BTC Prague 2026.

Timestamp:

(00:00) – Interview with Skot9000 of (SHA256)

(09:01) – Interview with Alex Bragin of JAN3 

(20:35) – Interview with Will Cole of Zaprite

(28:45) – Interview with Philipp of Satora.io

(39:33) – Chris Seedor of Seedor.io

(46:23) – Nathan Day of BTCMap

Links: 

Philipp: https://x.com/bonomat

Chris: https://x.com/coinjoined 

Will Cole: https://x.com/willcole

...

In this episode, industry experts discuss the latest developments in Bitcoin treasury strategies, Lightning Network innovations, and market outlooks amid macroeconomic uncertainties. Gain insights into hardware wallets, stablecoins, and the future of Bitcoin adoption.

Timestamp:

(00:00) – Interview with Freddie New from BHODL

(08:47) - Interview with Nick Farrow from Frost Snap

(21:27) - Interview with Tony Klausing from Stable Channels

(26:41) - Interview with André Dragosch from Bitwise

(39:35) - Interview with Sam Callahan from Oranje BTC

Links: 

https://x.com/freddienew

https://x.com/UTXOClub

In this episode, Chris Ritter joins me to discuss Lightning Network economics, yield opportunities, network centralization, and the rapid growth of Lightning payments. We explore who captures value in the Lightning Network, security considerations for routing nodes, and what recent data reveals about the future of Bitcoin payments.

Timestamp:

(00:00) – Introduction to Lightning Economics

(04:23) – Understanding Bitcoin Treasury Strategies

(09:08) – The Evolution of Lightning Network Routing

(14:45) – Growth and Volume in the Lightning Network

(19:57) – Centralization Trends in the Lightning Network

(25:08) – Security Considerations in Lightning Routing

(29:18) – Yield Generation in Lightning N...

In this episode, PakoVM joins me as we discuss the security challenges facing Bitcoin users, from scams and self-custody risks to the trade-offs of convenience versus sovereignty. The conversation explores emerging Bitcoin protocols such as Ark and Spark, the role of Linux and open-source hardware, advancements in wallet design, privacy, inheritance planning, and whether stablecoins and Bitcoin-native financial infrastructure can accelerate global adoption.

Timestamp:

(00:00) – Introduction 

(05:24) – Navigating Scams in the Bitcoin Space

(10:16) – The Rise of Linux and Desktop Alternatives

(15:18) – Bitcoin Technology: Lightning, Ark, and Beyond

(30:27) – Bridging Traditional Finance and Bitcoin...

In this episode, Stephan sits down with Arbedout to explore one of the most debated technical topics in Bitcoin today: covenants, vaults, and the future of Bitcoin custody infrastructure.

They discuss why many people may be misunderstanding where the real demand for covenants comes from, and how covenant-related features could improve Bitcoin self-custody through vaults, spending limits, recovery mechanisms, and more secure long-term storage setups.

The conversation also explores Bitcoin adoption, conviction, long-term store of value dynamics, and the psychological challenges of holding Bitcoin through volatility.

Timestamp:

(00:00) – The privacy problem with co...

In this episode, Sanjay Mavinkurve and Chase Palmieri join me to discuss Sovana, a groundbreaking product that allows property owners to leverage their real estate equity to gain Bitcoin exposure without traditional debt. They explore the product's mechanics, target audience, market timing, and future potential, providing insights into how real estate and Bitcoin markets intersect.

Timestamps:

(00:00) - Introduction

(02:50) - The Problem with Home Equity and Bitcoin

(06:38) - How Sovana Works

(11:10) - What if Bitcoin is down in 5 years?

(14:55) - Is this only for people who are already...

In this episode, we explore the latest in Bitcoin security with NVK, including the new MK5 device, firmware updates, and the impact of AI and quantum computing on crypto security. We discuss practical tools, philosophical debates on self-custody, and future tech trends.

Timestamps:

(00:00) - Intro 

(00:21) - What’s new with @COLDCARDwallet?

(04:05) - Miniscript support in Coldcard

(09:48) - Thoughts on Bitkey

(17:49) - @bisq_network protocol exploit

(23:17) - Debunking the quantum FUD

(29:51) - nvk on AI & LLMs

(37:54) - llm-wiki

(45:38) - Practical gui...

In this episode, Pavlenex joins Stephan to discuss the strategic importance of funding open source in the Bitcoin ecosystem. They explore how open source support benefits companies, the stages of open source project development, and recent updates on Stratum V2 and BTCPay Server.

Timestamps:

(00:00) - Intro

(01:09) - Open source is not philanthropy

(05:07) - Reaction to MARA Foundation’s initiative

(06:40) - Stages of open source projects

(11:51) - The necessity of economic incentives

(16:42) - AI's impact on open source contributions

(19:48) - “Upstream decisions, downstream impact”

...

In this episode Stephan speaks with Matyas Kuchar, co-founder of BTC Prague, about the upcoming Bitcoin conference in Prague. They discuss the conference's focus on Bitcoin and its intersection with other technologies like AI, the regulatory landscape in Europe, and the community divides within the Bitcoin space. 

Matyas shares insights on the importance of self-custody, the challenges posed by CBDCs, and the need for a united front in the Bitcoin community. The discussion also touches on the influence of institutional investments on Bitcoin adoption and the value of self-custody. 

Timestamps:

(00:00) - Intro

...

In this conversation, Giovanni Santostasi discusses his new book 'The Physics of Bitcoin' and the application of power law analysis to understand Bitcoin's growth, value, and long-term behavior. The conversation covers the scientific basis of Bitcoin's patterns, the significance of power laws in natural and social systems, and how this framework challenges common narratives about exponential growth.

Timestamps:

(00:00) - Intro

(02:14) - Why write 'The Physics of Bitcoin'?

(06:18) - The significance of Bitcoin’s Power Law 

(10:28) - Bitcoin's growth: Power law vs Exponential models

(21:41) - The nature of Bit...

In this episode, Stephan Livera chats with James Van Straten, senior analyst at CoinDesk, to explore the current state of Bitcoin and macro markets. They discuss the nature of bear markets, cycle theories, technical indicators, institutional behavior, and macroeconomic influences affecting Bitcoin’s price and sentiment. 

Takeaways:

🔸James shares his perspective on Bitcoin's bear market versus previous cycles

🔸Debunking the four-year cycle hypothesis and its implications

🔸The significance of institutional demand and holder behavior in market bottoms

🔸Technical analysis tools like realised price and 200-week moving average support

🔸The impact o...

Stephan Livera and Pieter Wuille discuss Cluster Mempool for Bitcoin Core, its motivations, and its implications for Bitcoin users and miners. Where does the current mempool design have issues? Why is it important to maintain a transparent and reliable open mempool? 

Pieter Wuille also explains the complexities of transaction clustering and how the new framework improves efficiency and helps keep bitcoin mining open. 

Timestamps:

(00:00) - Intro

(01:05) - What is Cluster Mempool?

(03:05) - What is its impact on everyday Bitcoin users?

(06:21) - How does the mempool work today?

In this conversation, Stephan Livera interviews Bitcoin developer Martin Habovstiak about his website Knotslies and the controversies surrounding data contiguity in Bitcoin transactions. They discuss the legal implications of data storage on the blockchain, the effectiveness of filtering illegal content, and various methods of spamming the Bitcoin chain. 

Martin shares his insights on the technical aspects of Bitcoin transactions and the challenges of maintaining standards in the face of evolving practices.They also discuss the complexities of Bitcoin's transaction mechanisms, particularly focusing on the implications of spam, the role of UTXOs, and the potential effects of BIP 110. 

In this episode, Calle introduces Numopay, an open-source Bitcoin payment terminal that enables tap-to-pay experiences similar to fiat systems. We explore its technical foundations, privacy features, future developments, and the broader ecosystem of Bitcoin payment solutions.

Takeaways:

🔸Numopay's open-source payment terminal

🔸Tap to pay Bitcoin using NFC and QR codes

🔸Privacy features of Cashu’s eCash system

🔸Auto withdrawal to Lightning addresses for security

🔸Future developments including BIP321 and integrations

Timestamps:

(00:00) - Intro

(00:38) - What is Numopay?

(03:29) - Numopay’s UX, tap-to-pay...

In this episode, Stephan Livera interviews Trey Sellers about Bitcoin and FIRE (Financial Independence, Retire Early). They explore how Bitcoin can accelerate FIRE, different strategies for retirement, and practical tools like the FIRE BTC calculator. A must-listen for Bitcoiners interested in personal finance and early retirement strategies.

Takeaways:

🔸Bitcoin's role in FIRE and personal finance

🔸The FIRE BTC Compass and its features

🔸’Buy, Borrow, Die’ with Bitcoin

🔸Different levels of FIRE and lifestyle planning

Timestamps:

(00:00) - Intro

(01:15) - Bitcoin in FIRE community

(4:12) - TradF...

In this conversation, Stephan Livera and Gareth Grobler discuss the innovative features of the Layerz Wallet, focusing on its multi-layered approach to cryptocurrency transactions, the importance of stablecoins for Bitcoin adoption, and the technical challenges of integrating various blockchain technologies. They explore user experience, onboarding strategies, and the future of stablecoins in the context of global markets, while emphasizing the need for a user-centric design that simplifies the process for everyday users.

Takeaways:

🔸 Stablecoins are crucial for Bitcoin adoption.

🔸The dollar is the best of the worst.

🔸We need to meet people wh...

Sam Wouters from River shares the latest insights on Bitcoin and Lightning Network adoption, highlighting recent data, growth trends, and misconceptions. Stephan and Sam also discover how Lightning is scaling, the role of institutional and business adoption, and effective strategies for individual investors.

Takeaways:

🔸Lightning Network transaction volume and capacity

🔸Growth and efficiency improvements in Lightning routing

🔸Misconceptions about Lightning Network scalability

🔸Institutional and business adoption of Bitcoin

🔸Behavior patterns of individual Bitcoin investors

🔸Narratives and misconceptions in Bitcoin adoption

🔸Impact of institutional buying and selling on...

In this interview, Stephan Livera chats with Charlie Spears from Blockspace about Bitcoin's ongoing debates on spam, protocol upgrades, and the future of Bitcoin development. They explore the nuances of on-chain data, the impact of ordinals, and the importance of ecosystem diversity.

Takeaways:

🔸The history and evolution of Bitcoin data debates, including the fork and filter strategies 

🔸The real impact of spam and arbitrary data on Bitcoin's security and censorship resistance 

🔸Analysis of proposed protocol changes like BIP 110 and their effectiveness in curbing spam 

🔸The game theory behind spam vectors and how...

In this conversation, Stephan Livera and Keith from Branta discuss the intricacies of Bitcoin payments, focusing on the importance of address verification and security in the context of increasing digital threats. They explore how Branta's zero-knowledge verification process can enhance user experience and security, particularly in the face of potential scams and malware. The discussion also touches on the integration of Branta with Lightning and other Layer 2 solutions, as well as the future of Bitcoin user experience in an AI-driven world.

Takeaways:

🔸Bitcoin payments require careful address verification to avoid scams.

🔸Branta uses zero-k...

In this conversation, Stephan Livera and Robert Warren discuss the evolving landscape of Bitcoin mining, focusing on the intersection of energy consumption and human flourishing. They explore the impact of AI on energy demand, the misconceptions surrounding the cost of production in Bitcoin mining, and innovative strategies for monetizing energy. The discussion highlights notable examples of companies and initiatives that are redefining the mining industry, emphasizing the importance of flexibility and community-driven innovation.

Takeaways:

🔸Energy consumption correlates with human flourishing.

🔸The narrative around Bitcoin mining is evolving positively.

🔸AI's demand for energy is...

In this conversation, Stephan Livera and James O'Beirne discuss the implications of quantum computing on Bitcoin, exploring skepticism towards the perceived threats, the current state of quantum research, and the potential responses from Bitcoin developers. They delve into proposed solutions, the role of institutions like NIST, and the challenges of Bitcoin protocol development. The discussion also touches on user experience, self-custody, and the future of Bitcoin adoption amidst evolving technological landscapes.

Takeaways:

🔸Quantum computing poses theoretical risks to Bitcoin, but practical threats are far off.

🔸Skepticism about quantum computing's immediate impact is prevalent among...

In this episode, Stephan Livera and Dhruv Patel, CEO of Arch Lending, discuss the current state of Bitcoin lending, market trends, and the unique products offered by Arch Lending. They explore the mechanics of Bitcoin-backed loans, risk management strategies for borrowers, and the importance of custody and security in the lending process. The conversation also touches on the future of Bitcoin lending, growth strategies, and the evolving landscape of financial products in the cryptocurrency space.

Takeaways:

🔸Bitcoin lending is gaining traction despite market volatility.

🔸Arch Lending offers flexible Bitcoin-backed loans with up to 60% LTV.<...

In this episode, Stephan Livera and Matt Corallo discuss the implications of quantum computing on Bitcoin's security. They explore expert opinions on the timelines for quantum threats, the current stance of Bitcoin developers, and potential solutions for quantum resistance. Matt introduces his proposed plan for integrating quantum-resistant features into Bitcoin wallets, emphasizing the need for gradual adoption and community consensus. The conversation also touches on market dynamics, the role of seed phrases, and the importance of preparing for a future where quantum computing could pose a significant risk to Bitcoin.

Takeaways:

🔸Quantum computers are not an...

In this episode, Stephan Livera interviews Jos Lazet from Blockrise, discussing the recent volatility in Bitcoin prices, the semi-custodial model of Blockrise, and the future of Bitcoin lending. They explore the implications of market movements, the importance of risk management in lending, and the evolving landscape of Bitcoin services. Joss shares insights on Blockrise's offerings, including asset management and lending, and emphasizes the need for user-friendly solutions in the Bitcoin space.

Takeaways:

🔸Bitcoin's volatility is expected to continue for several years.

🔸The semi-custodial model offers a balance between security and usability.

🔸Risk appe...

In this episode, Harsha Goli from Magnolia Financial discusses the launch of their Bitcoin-enabled banking services across the US, navigating regulatory challenges, and the importance of partnerships with banks. He emphasizes the need for better user experiences in Bitcoin transactions, the role of price oracles, and the implications of the Clarity Act on Bitcoin development. The conversation also touches on the tension between traditional banks and the crypto industry, the future of community banks, and innovations in Bitcoin technology. Harsha shares insights on potential use cases for Magnolia's services and the challenges of bridging the gap in Bitcoin adoption...

In this episode, Stephan Livera discusses with Jay & Matt the evolution of Lygos Finance, a company formed from the acquisition of Atomic Finance, focusing on decentralized lending using Discreet Log Contracts (DLCs). The conversation explores the growth of the Bitcoin collateralized lending market, the unique position of Lygos in offering non-custodial loans, and the role of Oracles in determining loan outcomes. The hosts delve into the flexible loan terms and competitive interest rates offered by Lygos, as well as the platform's global reach and future developments in user experience and funding mechanisms.

Takeaways:

🔸The merger of...

I was joined by Peter Schiff, Piero Coen, Skot at Plan B Elsalvador as we discussed Gold vs Bitcoin, AI & a multipolar world, Bitcoin as freedom money for Latinos and open-source mining decentralizing Bitcoin.

Takeaways:

🔸Bitcoin and gold are often compared as stores of value.

🔸Recent market movements have raised questions about the stability of gold and silver.

🔸Central banks are increasingly buying gold, indicating a shift in demand.

🔸The US dollar's status as a reserve currency is being challenged.

🔸AI has potential to increase productivity but may not solve e...

In this episode, the discussion revolves around Breez's innovative SDK and its nodeless implementation, which simplifies the integration of Bitcoin and Lightning into applications. The guests share their experiences from the ‘Time to Build’ challenge, highlighting the ease of use and the potential for new applications in the Bitcoin ecosystem. Brianna discusses her social events platform, Evento, and how it leverages the Breez SDK to facilitate peer-to-peer value exchange. Aljaz shares insights on developing a BTC Pay plugin that enhances payment processing without the need for a full Lightning node. The conversation also touches on user experience design, the role...

In this conversation, Stephan Livera and Jonas Nick discuss the implications of quantum computing on Bitcoin's security, focusing on the risks posed to cryptographic signatures. They explore the current vulnerabilities in Bitcoin, the potential for quantum attacks, and the need for post-quantum cryptographic solutions. The discussion covers various signature schemes, including hash-based signatures, their trade-offs, and the challenges of transitioning to a quantum-resistant Bitcoin. They also touch on the implications for hardware wallets, multi-signature schemes, and the potential need for block size increases to accommodate new signature sizes.

Takeaways:

🔸Quantum computers pose a real risk to...

In this conversation, Arnab Naskar from Stokr discusses the intersection of Bitcoin, tokenization, and capital markets. He explains how Bitcoin serves as both a store of value and a settlement layer, enabling the creation of decentralized financial systems. The discussion covers the advantages of using Liquid for tokenization, the importance of confidentiality in transactions, and the innovative financing opportunities in energy and Bitcoin mining. Arnab emphasizes the systemic shift in financial markets due to tokenization, the role of stablecoins, and the future of decentralized finance on Liquid.

Takeaways:

🔸Bitcoin serves as a store of value and...

In this episode Dave Lund, CEO of FlowRate, discusses the emerging concept of yield in the Lightning Network. Dave shares his background in the Bitcoin space and explains how FlowRate aims to bridge the gap between traditional treasury management and the Lightning ecosystem. He emphasizes the importance of liquidity leasing and routing fees as potential yield strategies for Bitcoin treasury companies, highlighting the need for businesses to adapt to this new financial landscape. The conversation explores the challenges and opportunities that come with operating on the Lightning Network, particularly for institutional players looking to maximize their Bitcoin holdings.

In this conversation, Stephan Livera and Matt Cole discuss the rapid growth and strategic developments of Strive, a Bitcoin treasury company, particularly following its merger with Semler Scientific. They explore the implications of this merger, the importance of institutional interest in Bitcoin, and the strategies for managing debt and generating yield. The discussion also touches on the competitive landscape of Bitcoin treasury companies, the role of digital credit, and the future outlook for Bitcoin in the context of increasing institutional adoption and market dynamics.

Takeaways:

🔸Strive has rapidly grown its Bitcoin holdings through strategic mergers.

In this conversation, Dr. Padraig Corcoran discusses his research on Bitcoin as a medium of exchange, focusing on the use of spatial data from OpenStreetMap and BTC Map. He explores the dynamics of merchant adoption, the role of community initiatives, and the implications for policymakers. The conversation highlights the importance of grassroots movements in promoting Bitcoin usage and the potential for growth in merchant acceptance as technology improves.

Takeaways:

🔸Bitcoin serves multiple purposes: unit of account, store of value, medium of exchange.

🔸OpenStreetMap is a crowdsourced geographical data project.

🔸BTC Map helps ide...

In this conversation, I discuss with Nate the current state and future prospects of the Lightning Network as of December 2025. They explore various aspects such as payment success rates, public perception versus practitioner insights, routing fees, centrality in nodes, yield opportunities, privacy considerations, and the overall adoption of the Lightning Network. The discussion highlights the improvements made over the years, the economic incentives for node operators, and the importance of community-driven initiatives in shaping the future of the Lightning Network.

=Takeaways:

🔸The Lightning Network has improved payment success rates over time.

🔸Public perception of the...

In this episode, B10C discusses his work in the Bitcoin ecosystem, focusing on the importance of censorship resistance, the role of mining pools, and the implications of OFAC sanctions on Bitcoin transactions. He introduces the Peer Observer project aimed at monitoring the Bitcoin network for anomalies and attacks, and highlights the need for a collaborative approach to Bitcoin network operations through the Bitcoin Network Operations Collective.

Takeaways:

🔸B10C has been working on Bitcoin open source projects since 2021.

🔸Research on mining pools reveals they may filter out certain transactions.

🔸Censorship resistanc...

In this episode the discussion revolves around the BOSS program (Bitcoin Open Source Software), which offers a 30-day series of technical programming exercises aimed at engaging participants in Bitcoin protocol development. The guests, Satsie, Sangbida, and Ron, share their backgrounds, motivations for joining the program, and experiences throughout the challenges. They discuss the impact of the program on their careers, the importance of community support, and the unique environment of open source development. The conversation also touches on the challenges of grant applications and the mindset required to succeed in this field. The episode concludes with advice for potential...