Below is a concise summary of the podcast transcript you provided for Episode 1137 of "Bitcoin and," hosted by David, aired on July 31, 2025, at 7:49 AM Pacific Daylight Time.
The episode covers a range of Bitcoin and crypto-related news, including corporate developments, regulatory updates, market analysis, and personal opinions from the host. David discusses the integration of traditional finance with crypto, potential benefits and risks, and promotes various products. He expresses skepticism about some partnerships (e.g., calling the JP Morgan-Coinbase deal "a deal made in hell") while highlighting Bitcoin's resilience.
JP Morgan Chase has partnered with Coinbase to allow Chase credit card holders to buy crypto starting this fall and redeem Ultimate Rewards points for USDC (a stablecoin by Circle). This is described as the first major rewards program redeemable for crypto.
David notes this could add utility to otherwise "worthless" points but criticizes it as a reluctant move for JP Morgan, driven by competition. He mentions JP Morgan's plans for stablecoin involvement and exploring crypto-backed loans by 2026, despite CEO Jamie Dimon's reservations.
DeFi platforms like 1inch are highlighted as offering advantages over traditional finance in crypto loans, such as lower fees and more collateral options.
MicroStrategy's Bitcoin Acquisition:
Michael Saylor's MicroStrategy raised $2.5 billion through a stock offering and used it to buy 21,000 Bitcoin at an average price of $117,256, bringing their total holdings to over 628,000 Bitcoin (valued at $74 billion).
The host praises this as a strategic move but notes it targets retail investors seeking Bitcoin exposure without direct volatility, though he argues institutions like pension funds may soon hold Bitcoin directly.
SEC Approval for Bitcoin ETFs:
The SEC approved in-kind redemptions for all spot Bitcoin ETFs, allowing institutional investors to exchange Bitcoin directly for ETF shares, making the process more efficient.
David sees this as a positive for creditworthiness (e.g., for Fannie Mae and Freddie Mac) but warns it involves third-party custody, potentially compromising self-sovereignty.
Other News and Promotions:
Bitcoin Mixer Case: Founders of Samurai Wallet pled guilty to operating an unlicensed money transmitter, which David views as a setback for crypto privacy.
Market Updates: Bitcoin was trading at around $117,888 with a $2.35 trillion market cap. Commodities like oil, gold, and silver were mostly down, while Bitcoin's hash rate dropped slightly.
Bitcoin Treasury Companies: Many new companies (e.g., Cantor Equity Partners) have lost over 50% of their value since early 2025 peaks, with David attributing this to market saturation and waning investor interest.
21 Capital: Boosted its Bitcoin holdings to 43,500 BTC (worth $5.1 billion), potentially making it the third-largest corporate holder, backed by Tether and others.
Product Promotion: David promotes "Great Ghee" (clarified butter) as a value-for-value offering, encouraging listeners to use a discount code.
Nostr and Tech Updates: He discusses YakBack.app, a Nostr-based app for voice messages, and debates the sustainability of "vibe-coded" projects in the Nostr ecosystem.
Ray Dalio's Advice: The investor recommends allocating 15% of portfolios to Bitcoin or gold due to U.S. debt risks, up from his previous 1-2% suggestion.
Visa and Stablecoins: Visa processed $200 million in stablecoin settlements but calls for clearer U.S. regulations, with potential growth in cross-border payments.
David views these developments as inevitable steps in Bitcoin's mainstream adoption, emphasizing its decentralized nature despite criticisms (e.g., from figures like Master). He warns of hype around new treasury companies and IPOs (e.g., 21 Capital) and urges listeners to self-custody Bitcoin. The episode ends with a weather report, listener shoutouts, and a promotion for the show.
AI Generated Summary
Overview
Key Topics Discussed
Host's Opinions and Closing