Adam Livingston

speaker

573 appearances 1 recordings 1 series first heard Jun 2026 last heard 24 Jun

Adam Livingston’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

Appearances

newest first · ▶ plays the moment

What Bitcoin Did · Is Michael Saylor Trapped? STRC Explained | Adam Livingston · 24 Jun 2026 podcast

But overall, when we look at the trend of this institutional monetization of Bitcoin, I think it's actually quite the opposite.

We've seen a lot of inflows.

The iBit holders are surprisingly sticky, I think.

So yeah,

Yeah, I think that you raise a very interesting question long term.

But like, to me, I'm like, I don't know if it's a cause for concern as of yet.

If Saylor gets half of the network, maybe it will be.

But yeah, thinking that hypothetical future is an interesting thought experiment.

Yeah, I think it depends on what you mean by hunt exactly.

It looks like Checkmatey's math is spot on with mine, where it's $25,000 where the common equity is impaired.

Where I see a lot of people get

what I see a lot of people get wrong is simply that this is calculating kind of that residual that I was just talking about where the Bitcoin net asset value would equal the senior capital.

So like the outstanding preferreds in the debt.

So there's no room for the common equity, but,

When we look back in 2022, this exact thing happened.

A lot of people don't realize this, but if you would calculate the residual exposure for the MSTR shareholders, at the bottom in November of 2022, it was negative 14,000 sats per share.

So it was in the negative and the market never valued MSTR at zero.

So a lot of people run this math and they'll say,

you know, MSTR goes to zero.

And it's like, well, that's separating how the market values the residual versus how the residual is calculated.

Showing 261–280 of 573 · page 14 of 29