Episode Summary
Executive Summary: Preston Pisch speaks with Parker Lewis and Will Cole about Bitcoin’s early adoption phase, the rise of scams, Bill Ackman’s and Larry Fink’s evolving views, and why Bitcoin mining may actually improve energy markets. The core theme is that Bitcoin is both property and money: a superior monetary asset that can also function as a payment rail, especially as payment tooling and merchant incentives improve.
Main Topics: Bitcoin remains early despite high price (Priority: 5/5): The guests argue that Bitcoin is still in an early adoption phase because very few people truly understand it, and the current price should be viewed against the vast global money supply and credit system rather than as a finish line. Scams, grifters, and the need to focus on Bitcoin (Priority: 5/5): They warn that many scammy projects and social media hucksters are resurfacing, and recommend sticking to Bitcoin, studying it deeply, and avoiding narratives designed to prey on fear of missing out. Bill Ackman’s misunderstanding of mining and energy (Priority: 5/5): Ackman’s tweet about Bitcoin causing an energy spiral is criticized as incomplete; the guests argue Bitcoin mining helps stabilize grids, incentivizes new power supply, and can lower electricity costs over time. Bitcoin as property versus medium of exchange (Priority: 5/5): The discussion centers on Michael Saylor’s framing of Bitcoin as property and the counterargument that money must function both as a store of value and a medium of exchange, depending on use case and geography. Bitcoin payments infrastructure and merchant incentives (Priority: 4/5): Will Cole and Parker Lewis explain Zaprite’s design: making it easier for businesses to accept Bitcoin/Lightning alongside fiat, while using pricing signals such as premiums/discounts to encourage Bitcoin payments. Institutional and policy shifts toward Bitcoin (Priority: 4/5): They interpret BlackRock and Larry Fink’s recent comments as a major legitimacy milestone, and argue the U.S. and its states are well positioned to compete for Bitcoin-related activity.
Key Arguments: Most people are still early because Bitcoin understanding is extremely limited; the guests estimate far fewer than 1 in 100 people truly grasp it. The current dollar price of Bitcoin is an output of adoption, not a ceiling; if more people demand a fixed-supply asset, price must rise. Bitcoin mining does not simply consume energy; it creates demand for power, which incentivizes new supply and can help balance grids. Ackman’s concern ignores the supply response in energy markets and the fact that miners seek the cheapest, most flexible power sources. Bitcoin can be both property and money: it stores value like property but is transferable enough to function as a medium of exchange. In developed economies people may emphasize Bitcoin as savings, but in inflating or restricted economies Bitcoin’s payments function is more obvious and immediate. Merchant adoption is likely to be the main driver of payments growth because businesses can signal preference for Bitcoin through pricing and incentives. A premium for fiat (or discount for Bitcoin) communicates preference and reduces friction more effectively than just “Bitcoin accepted here.” Liquidity and treasury strategy matter: businesses and individuals who hold mostly Bitcoin may actively want to spend it or receive it in commerce. Policy competition matters because jurisdictions that are friendlier to Bitcoin could attract capital, businesses, and innovation.
Data Points: Bitcoin price: $72,000 per BTC - Used as the reference price in the discussion about whether Bitcoin is “late” or still early. Estimated Bitcoin awareness: 1% or less of the population - Parker Lewis argues that at best only about 1 in 100 people understands Bitcoin. Federal Reserve money printing: $5 trillion - Referenced as money created between 2019 and 2021 to show the scale of fiat expansion. Global central bank balance sheet growth: Over $12 trillion - Used to emphasize broad monetary expansion across central banks. Global broad money: $80 trillion - Cited as the approximate size of broad money globally. Global credit system: $400 trillion - Used as the broader financial backdrop relative to Bitcoin’s market cap. Bitcoin market cap: Over $1 trillion - Discussed as still small relative to global financial markets and therefore early. Gold market cap: About $12-$13 trillion - Used to compare Bitcoin’s potential as a store of value versus gold. MicroStrategy Bitcoin holdings: 205,000 BTC - Referenced after its latest purchase announcement. MicroStrategy purchase amount: $821.7 million - Amount spent to acquire 12,000 BTC in the cited purchase. MicroStrategy average basis: $33,706 per BTC - Reported cost basis for MicroStrategy’s BTC holdings. Simple Mining scale: More than 10,000 Bitcoin miners - Sponsor copy describing the company’s mining operations. Simple Mining renewable energy share: Over 65% renewable - Sponsor copy stating Iowa electricity for mining is mostly wind-powered. Vanta customer count: More than 10,000 global companies - Sponsor copy about compliance platform adoption. Vanta quantified benefit: $535,000 per year - IDC estimate of annual benefits for Vanta customers. NetSuite customer count: Over 42,000 businesses - Sponsor copy describing business usage. Shopify share of U.S. e-commerce: 10% - Sponsor copy noting Shopify’s market presence. Public cash account yield: 3.8% - Sponsor copy promoting its high-yield cash account. Public transfer bonus: 1% uncapped - Sponsor copy for portfolio transfers.
Pivotal Quotes: "focus on Bitcoin. Yes. And don't focus on. Rest." — Parker Lewis: Advice on avoiding scams and staying centered on Bitcoin rather than speculative side projects. "Bitcoin is a new form of money that's replacing all other forms of money." — Parker Lewis: Explaining why Bitcoin’s value proposition is tied to monetary replacement rather than just digital scarcity. "money is property, but not all property is money." — Will Cole: Clarifying the distinction between Bitcoin as a store of value and property versus its ability to function as money.
Implications: The episode reinforces Bitcoin as a long-term monetary network with growing payment utility. For businesses, the next wave may be merchant-led adoption via better tooling and pricing incentives; for policy and energy, Bitcoin may increasingly be seen as productive infrastructure rather than a cost.
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We interview and study famous financial billionaires, including Warren Buffett, Ray Dalio, and Howard Marks, and teach you what we learn and how you can apply their investment strategies in the stock market. We Study Billionaires is the largest stock investing podcast show in the world with 180,000,000+ downloads and is hosted by Stig Brodersen, Preston Pysh, William Green, Clay Finck, and Kyle Grieve. This podcast also includes the Richer Wiser Happier series hosted by best-selling author Wi...