BTC241: Bitcoin Treasury Companies w/ James Check (Checkmate) Bitcoin Podcast

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 2 July 2025

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

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Summary

James and Preston dissect the evolving cryptocurrency landscape—from market structure transitions and on-chain data missteps to Bitcoin mining incentives and the cutting-edge strategies behind Bitcoin Treasury companies. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:47 - Lessons learned from the 2020-2021 crypto cycle 04:59 - Why the crypto market is shifting from spot to leverage-driven models 05:54 - The role of futures and ETFs in today’s low-activity network 10:42 - How mining subsidies influence innovation and decentralization 14:08 - Why fees are crucial for protecting Bitcoin from censorship 19:32 - How Bitcoin’s dominance affects altcoin cycles 26:35 - Insights into tokenized sovereign debt and blockchain scalability 32:15 - The potential long-term shift in global KYC regulations 33:13 - The rise and risks of Bitcoin Treasury companies 38:53 - Key differences between MicroStrategy and competitors Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Related resource: Checkmate’s substack. Check out all the books mentioned and discussed in our podcast episodes⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy ad-free episodes when you subscribe to our⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bitcoin Fundamentals Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: SimpleMining AnchorWatch Human Rights Foundation Onramp Superhero Leadership Unchained Vanta Shopify Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.7	Hey, everyone. Welcome to this Wednesday's release of the Bitcoin Fundamentals podcast.
0:06.8	On today's show, I'm joined by James Check, also known as Checkmate, one of the most respected
0:12.0	on-chain analysts in the Bitcoin space.
0:14.1	We cover a wide range of topics like the shift happening from spot to leverage-driven
0:19.2	markets to the mechanics of the Bitcoin Treasury
0:21.9	securitization, and even the role of KYC in mining incentives in long-term network security.
0:28.2	We also unpack some of the lessons James learned from the 2021 cycle and how he sees Bitcoin
0:33.7	dominance evolving in this weird narrative fractured market.
0:38.0	All right.
0:38.3	So with all that said, let's jump right into the interview with the insightful and knowledgeable Mr.
0:43.1	James Check.
0:47.7	Celebrating 10 years.
0:49.7	You are listening to Bitcoin Fundamentals by the Investors Podcast Network.
0:54.4	Now for your host, Preston Pish.
1:06.0	Hey, everyone.
1:07.0	Welcome to the show.
1:07.8	I'm here with Checkmate.
1:09.2	James, welcome back.
1:13.5	Excited to chat with you. You always have amazing takes. So welcome back to the show, sir. Good impression. Good to be here, mate. All right. So you have
1:19.7	some prolific writing in the space. And the reason I love reading your stuff is you usually have a
1:25.7	contrarian take on what everybody else in the space
	...

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