This podcast episode delves into the evolution of Swan Bitcoin, a Bitcoin-only brokerage platform, and explores its journey from its early concept as a gifting platform to its current focus on education, simplicity, and self-custody. The discussion also covers Swan's asset management and institutional lending businesses, emphasizing the importance of separating custody and brokerage and the growing trend of Bitcoin-centric investing and lending practices. Additionally, the episode touches on the upcoming launch of Bitcoin spot ETFs, Bitcoin's potential role as a medium of exchange, and the criticism of venture capital firms for promoting crypto scams and diminishing Bitcoin adoption.