The whole MNav trade, it has as much implied leverage on the way down as it does on the way up.
I have a lot of sympathy for the idea that actually this is what triggers the next bear market, that there's so much leverage introduced via this mechanism that not only do a lot of the treasury companies themselves get wiped out, but the sell pressure is so severe that it impacts Bitcoin as a whole.
~ Allen Farrington

In this episode of the podcast, I sit down with the always insightful Allen Farrington to dive into some of the most fascinating topics in the Bitcoin space. We explore the intersection of Bitcoin and Islamic finance, where Allen shares his latest research and the potential for Bitcoin to align with ancient principles of financial justice. We also tackle the wild world of stablecoins, discussing how they're changing the game for both better and worse. Allen breaks down the MNAV trade and why it might be the next big risk in the Bitcoin ecosystem. Plus, we dive into the future of work and how AI is reshaping the way we think about productivity and value. As always, Allen brings his sharp wit and deep understanding of Bitcoin's role in the world. This one's a great conversation that spans Bitcoin’s intersections with finance, philosophy, and the future of money.

Check out our awesome sponsors!

Ledn: Need fiat but don’t want to sell your Bitcoin? Ledn offers secure, Bitcoin-backed loans with no credit checks, flexible repayment, and fast turnaround—often within 24 hours. With $10B+ in loans across 100+ countries and transparent Proof of Reserves, Ledn is a trusted option for unlocking liquidity without giving up your Bitcoin. (Link: https://learn.ledn.io/audible)
HRF: The Human Rights Foundation is a nonpartisan, nonprofit organization that promotes and protects human rights globally, with a focus on closed societies. Subscribe to HRF's Financial Freedom Newsletter today. (Link: https://mailchi.mp/hrf.org/financial-freedom-newsletter)
OFF: The Oslo Freedom Forum is a global human rights event by the Human Rights Foundation (HRF), uniting voices from activism, journalism, tech, and beyond. Through powerful stories and collaboration, OFF advances freedom and human potential worldwide. Join us next June. (Link: https://oslofreedomforum.com/)
Pubky: Pubky is building the next web, a decentralized system designed to put control back in your hands. Escape censorship, algorithmic manipulation, and walled gardens by owning your identity and data. Explore the Pubky web and become the algorithm today. Don't forget to find me on my Pubky ID here: pk:5d7thwzkxx5mz6gk1f19wfyykr6nrwzaxri3io7ahejg1z74qngo. (Link: https://pubky.org)
Chroma: Chroma is dedicated to advancing human performance and well-being through cutting-edge light therapy devices and performance eyewear. Their mission is to enhance physical and mental health, unlocking peak human health, cognitive function, and physical performance. Get 10% off your order with the code BITCOINAUDIBLE. (Link: https://getchroma.co/?ref=BitcoinAudible)

Guest Links

Chat_143 - Rise and Fall of BTC Treasuries and the Stablecoin Dilemma with Allen Farrington

Bitcoin Audible