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. 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