[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Smooth Exit [@smooth_btc](/creator/twitter/smooth_btc) on x XXX followers Created: 2025-07-21 23:58:44 UTC Here are my notes from listening to the @adam3us of interview during BTC Prague June 11-13, 2025 Adam is the CEO of $CEPO $BSTR and @Blockstream Bitcoin Treasury Companies & ETFs Believes halvings are somewhat still relevant over time especially due to Bitcoin Treasury companies purchasing and holding Bitcoin, eating up supply. BTCTC can weather Bitcoin price downturns better than individuals. Even though the company share price might fall, they likely won't sell their Bitcoin - unless they really mess up their treasury operations. Believes that ETFs are still early and since BlackRock made the recommendation X% to Bitcoin as a diversified portfolio. Generally take institutions 6mos+ to make the decision to even purchase. Mentions @EricBalchunas as he's stated that ETFs are sticky and when investors tend to buy, they tend to not sell off as easily in larger pullbacks. Usually these investors hold for long-term, 5+ years after an allocation decision is made. Usually even have a plan to buy more. Adam mentions these ETF buyers act as a sort of a cold-storage equivalent. Mentions @BitcoinPierre referred to these BTCTC companies as becoming as a sort of shock absorber for price, which we've never had before in past cycles. BTCTC + ETFs responsible for 5-6x buy pressure from daily mined Bitcoin SUPPLY ON EXCHANGES Panic buying and panic selling is human nature. Takes people a cycle or X to figure out it's probably just better to buy and hold Bitcoin. People who bought at $50-60K are scared to loose their profit so it's part of what's holding the price back. Just need to get through these sellers. LENDING PRODUCTS TLDR: Interesting idea for many Bitcoiners, too early though. [Personally, I've looked into this. Terms are shit, XX% LTV, XX% interest, due monthly. In due time though.] BANKS Vanguard: Too bad they don't understand it. Maybe new CEO will be open to it. JPM: They capitulated but regulators made it historically difficult for them anyway to buy Bitcoin but that's easing now with new regs + repeals Historically through @Blockstream work, major banks had R&D labs but didn't want to hear/use Bitcoin. Now, it's come full circle and they're open to Bitcoin because that's where the money is. Again, takes these banks months+ to implement but if you zoom out, it's accelerated 2x as fast as anyone thought. State treasuries, SBR, etc. But Adam is more interested in individuals buying Bitcoin vs governments. FUNDS Seeing now more buying from fund managers buying on behalf of individuals, ex: pension funds. That is for the benefit of the works using that pension. Life insurance policies, mutual funds etc. When these professional fund managers start catching on like recommending 1-3% allocation even if it drops if only a small % hit that is tolerable. But outsized effect to the upside. This will only continue. Especially because early individuals in early to BTC won't buy the dip cause they're so low cost basis and have a high % already in Bitcoin. With new investors and fund managers like these, they can sell other assets ($TSLA $AAPL whatever) if Bitcoin pulls back 20-30% cause it's got more alpha - which will reduce volatility and strength of pullback over time. GOVERNMENT Market doesn't believe the USGOV is going to do the @SenLummis bill or else you'd see the price much higher. As soon as it's clear, then it'll cause other govs to copy and cause gov FOMO. Gov could use Bitcoin mining to acquire Bitcoin using cheap, excess energy capacity Tax neutrality is more a political popularity thing. Sell gold and buy bitcoin, makes the most sense. FINANCIAL PRODUCTS Be careful where risks lie. Ex: BlockFi, FTX, Genesis, Gemini Earn, GBTC etc. Know where their exposures lie. GBTC was risky cause it was closed end and drove up premiums cause it was the only exposure allowed due to previous admin regulations. Hint that things weren't good: downstream companies were offering HIGH YIELD Be careful of companies offering 7,8,9,10% yields there are some risks or ponzi there. [LOL sound familiar?!] Lightning Yield, how about that? Different cause you can collect routing fees for yield in lightning. Similar with Liquid (Blockstream owned). Bitcoin is the hurdle rate. If you're going to introduce a product and can't outperform Bitcoin, then don't make it. PAPER BITCOIN & TAXES & PRIVACY [Absolutely nothing notable in this segment]  XXX engagements  **Related Topics** [$bstr](/topic/$bstr) [$cepo](/topic/$cepo) [prague](/topic/prague) [bitcoin](/topic/bitcoin) [coins layer 1](/topic/coins-layer-1) [coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem) [coins pow](/topic/coins-pow) [Post Link](https://x.com/smooth_btc/status/1947446173612364283)
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Smooth Exit @smooth_btc on x XXX followers
Created: 2025-07-21 23:58:44 UTC
Here are my notes from listening to the @adam3us of interview during BTC Prague June 11-13, 2025
Adam is the CEO of $CEPO $BSTR and @Blockstream
Bitcoin Treasury Companies & ETFs Believes halvings are somewhat still relevant over time especially due to Bitcoin Treasury companies purchasing and holding Bitcoin, eating up supply.
BTCTC can weather Bitcoin price downturns better than individuals. Even though the company share price might fall, they likely won't sell their Bitcoin - unless they really mess up their treasury operations.
Believes that ETFs are still early and since BlackRock made the recommendation X% to Bitcoin as a diversified portfolio.
Generally take institutions 6mos+ to make the decision to even purchase.
Mentions @EricBalchunas as he's stated that ETFs are sticky and when investors tend to buy, they tend to not sell off as easily in larger pullbacks. Usually these investors hold for long-term, 5+ years after an allocation decision is made. Usually even have a plan to buy more.
Adam mentions these ETF buyers act as a sort of a cold-storage equivalent.
Mentions @BitcoinPierre referred to these BTCTC companies as becoming as a sort of shock absorber for price, which we've never had before in past cycles.
BTCTC + ETFs responsible for 5-6x buy pressure from daily mined Bitcoin
SUPPLY ON EXCHANGES Panic buying and panic selling is human nature. Takes people a cycle or X to figure out it's probably just better to buy and hold Bitcoin.
People who bought at $50-60K are scared to loose their profit so it's part of what's holding the price back. Just need to get through these sellers.
LENDING PRODUCTS TLDR: Interesting idea for many Bitcoiners, too early though.
[Personally, I've looked into this. Terms are shit, XX% LTV, XX% interest, due monthly. In due time though.]
BANKS Vanguard: Too bad they don't understand it. Maybe new CEO will be open to it.
JPM: They capitulated but regulators made it historically difficult for them anyway to buy Bitcoin but that's easing now with new regs + repeals
Historically through @Blockstream work, major banks had R&D labs but didn't want to hear/use Bitcoin. Now, it's come full circle and they're open to Bitcoin because that's where the money is.
Again, takes these banks months+ to implement but if you zoom out, it's accelerated 2x as fast as anyone thought. State treasuries, SBR, etc.
But Adam is more interested in individuals buying Bitcoin vs governments.
FUNDS Seeing now more buying from fund managers buying on behalf of individuals, ex: pension funds. That is for the benefit of the works using that pension. Life insurance policies, mutual funds etc.
When these professional fund managers start catching on like recommending 1-3% allocation even if it drops if only a small % hit that is tolerable. But outsized effect to the upside. This will only continue.
Especially because early individuals in early to BTC won't buy the dip cause they're so low cost basis and have a high % already in Bitcoin. With new investors and fund managers like these, they can sell other assets ($TSLA $AAPL whatever) if Bitcoin pulls back 20-30% cause it's got more alpha - which will reduce volatility and strength of pullback over time.
GOVERNMENT Market doesn't believe the USGOV is going to do the @SenLummis bill or else you'd see the price much higher.
As soon as it's clear, then it'll cause other govs to copy and cause gov FOMO.
Gov could use Bitcoin mining to acquire Bitcoin using cheap, excess energy capacity
Tax neutrality is more a political popularity thing. Sell gold and buy bitcoin, makes the most sense.
FINANCIAL PRODUCTS
Be careful where risks lie. Ex: BlockFi, FTX, Genesis, Gemini Earn, GBTC etc. Know where their exposures lie.
GBTC was risky cause it was closed end and drove up premiums cause it was the only exposure allowed due to previous admin regulations.
Hint that things weren't good: downstream companies were offering HIGH YIELD
Be careful of companies offering 7,8,9,10% yields there are some risks or ponzi there. [LOL sound familiar?!]
Lightning Yield, how about that? Different cause you can collect routing fees for yield in lightning. Similar with Liquid (Blockstream owned).
Bitcoin is the hurdle rate. If you're going to introduce a product and can't outperform Bitcoin, then don't make it.
PAPER BITCOIN & TAXES & PRIVACY [Absolutely nothing notable in this segment]
XXX engagements
Related Topics $bstr $cepo prague bitcoin coins layer 1 coins bitcoin ecosystem coins pow