Bitcoin Audible

Read_673 - Crypto is Peak Silicon Valley [Allen Farrington]

15 Nov 2022

Contributed by Lukas

"My learned opinion is that although your average toxic Bitcoin maximalist might be able to sniff out this bullshit a mile away, Silicon Valley cannot...

Read_672 - No, Let's Not: Perpetrators of Pandemic Authoritarianism Cannot Be Forgiven [Allen Farrington]

09 Nov 2022

Contributed by Lukas

“It must become embarrassing to admit one ever supported uninformed and nonconsensual participation in a medical experiment or mass house arrest and...

Chat_74 - Synonymous with Sovereignty, with John Carvalho

08 Nov 2022

Contributed by Lukas

Today we bring John Carvalho back on to talk about Bitkit and the release of Synonym's first major product in the BitKit wallet and Slashtags. Re-Dece...

Read_671 - Greenpeace Attacks Only Galvanize Bitcoiners [Daniel Batten]

04 Nov 2022

Contributed by Lukas

"They will come to understand that Bitcoin is hope for non-violent revolutionaries in the environmental movement who seek to end the petrodollar, ushe...

Read_670 - Capital Misallocation, Bitcoin Fixes this - Part 2 [Steven Lubka]

02 Nov 2022

Contributed by Lukas

"The creation of new money by insiders debases the savings ability of the existing money. It is critically important for money to maintain value, as i...

Read_669 - Capital Misallocation, Bitcoin Fixes this - Part 1 [Steven Lubka]

02 Nov 2022

Contributed by Lukas

"Money facilities a system — the economy — that is too complex, too unpredictable and too uncertain to be modeled or reduced to neat quantifiable ...

Read_668 - Why Proof of Stake Wont be Used for Intergalactic First Contact [Buck Perley]

01 Nov 2022

Contributed by Lukas

"A universal law can be understood to be an objective, observable, and eternal description of some facet of the universe. As such, they can be indepen...

Read_667 - The Final Bubble is Bursting [Myrmikan Research]

26 Oct 2022

Contributed by Lukas

"One might ask: if much of the U.K. pension money was about to vanish, where was it going? Partly to the bankers, of course, but mostly, as with any b...

Reboot - Wittgenstein's Money [Allen Farrington]

25 Oct 2022

Contributed by Lukas

"Imagine if all respectable business knowledge had been derived from studying large, established companies because there had never been a start-up in ...

Read_666 - Debunking the ESG Attacks on Bitcoin [Spencer Nichols]

21 Oct 2022

Contributed by Lukas

"While Bitcoin does not litigate the ethics of hydrocarbon production, it is not controversial to point out that the dollar, in that it is sustained b...

Read_665 - The Nature of Man, Proclaim Your Bitcoin Part 1 [Simply Bitcoin]

19 Oct 2022

Contributed by Lukas

"to survive and prosper in this world, man can either make the things he needs and wants, or he can take them. This was true thousands of years ago an...

Read_664 - Bitcoin Astronomy, The Third Law - Part 2 [Dhruv Bansal]

18 Oct 2022

Contributed by Lukas

"But if technological civilizations are more common, then we must resolve the Fermi Paradox in a different way. We know that any “solution” is re...

Read_663 - Bitcoin Astronomy, The Third Law - Part 1 [Dhruv Bansal]

15 Oct 2022

Contributed by Lukas

"Astrobiologists increasingly believe that conditions are frequently right for life. Hydrogen, oxygen, carbon and the life-sustaining molecules they ...

Guy's Take #60 - Digital Money

14 Oct 2022

Contributed by Lukas

Today we explore a highly earned Guy's Take for Dergigi's "Bitcoin is Digital Scarcity" as well as using a core part of his framing to make sense of a...

Read_662 - Wrestling With the Truth [Allen Farrington & Sacha Meyers]

12 Oct 2022

Contributed by Lukas

"The power of prices is the process of dynamic discovery that underpins their emergence, not the fleeting consensus of a specific moment in time. The...

Read_661 - Five Examples of Bitcoin's Real World Utility [Trent Dudenhoeffer]

11 Oct 2022

Contributed by Lukas

"Today, it’s a trucker protest. What if it’s a women’s rights protest next? A protest against abuses by a country you’re allied with? Who deci...

Chat_73 - WTF is Happening in 2022? With Greg Foss, Clint Russell, & Guy Swann

07 Oct 2022

Contributed by Lukas

We dive into the chaotic world of 2022 with the insanity of the financial markets, the bond markets cracking apart, the political sphere going nuclear...

Read_660 - Bitcoin is Digital Scarcity [Dergigi]

05 Oct 2022

Contributed by Lukas

"The difference between the Linden Dollar, World of Warcraft Gold, Fortnite V-Bucks, the Euro, and the U.S. dollar is in scale, not in nature. While V...

Read_659 - Adoption & Digital Freedom Will Happen Through Lightning [Paolo Ardoino]

04 Oct 2022

Contributed by Lukas

"Lighting Network adoption is scaling Bitcoin around the world. And it will be key to protecting our freedoms in the digital age as well." - Paolo Ard...

Read_658 - Bitcoin Will Replace SWIFT Before VISA [Shinobi]

29 Sep 2022

Contributed by Lukas

"Bitcoin is ripe for a massive disruption of systems like SWIFT, and at the rate the world is becoming both politically and economically unstable, I t...

Read_657 - Price Deflation & The Horrors of Falling TV Prices [Kyle Ward]

27 Sep 2022

Contributed by Lukas

"Given two competing views of the world, the state will always promote the one that increases its power to extract wealth from its citizens. The choic...

Read_656 - No, We Are Not Going to "Tokenize Everything" [Niko Jilch]

23 Sep 2022

Contributed by Lukas

"The whole tokenize-everything-thing so far is one fast hype train. It is exciting not for the technical efficiencies it may provide but for the exact...

Read_655 - The Legendary Treasure of Satoshi Nakamoto [Tomer Strolight]

22 Sep 2022

Contributed by Lukas

"Everyone loves a good origin story. Some are true, some made-up, and some a mix of the two. The true origin story of Bitcoin’s appearance in the wo...

Guy's Take #59 - We're Not Going Anywhere

19 Sep 2022

Contributed by Lukas

"Bitcoin is not merely a network, it's a foundation for an anti-authoritarian political movement in an increasingly authoritarian world. If you're loo...

Read_654 - A Bitcoiner's Guide to Proof of Stake [Scott Sullivan]

16 Sep 2022

Contributed by Lukas

"This brings us to our fourth principle behind PoS, which is that **PoS relies on subjective truth**. There is simply no objective way to pick between...

Read_653 - Finding Signal in a Noisy World [Jeff Booth]

13 Sep 2022

Contributed by Lukas

"That misinformation in the form of money wouldn’t just create polarization. Because money connects value between people and nations, it would drive...

Read_652 - Setting the Record Straight [Nic Carter]

09 Sep 2022

Contributed by Lukas

"I’m going to clear things up here because most of the people piling on were deeply confused about me, my firm, and what I do. And yes, I’m includ...

Read_651 - The Path to a Bitcoin Standard in Africa [Charlene Fadirepo]

08 Sep 2022

Contributed by Lukas

"I believe Africa represents the most elegant use case for a Bitcoin standard in existence. In the paragraphs that follow I will explain why." - Charl...

Read_650 - How to Be a Bitcoin Maximalist [Pete Rizzo]

06 Sep 2022

Contributed by Lukas

"Cryptocurrency market-isms are built on claims about the economic and computer science advances Bitcoin and cryptocurrencies have achieved, and thus ...

Read_649 - The Continual Power of Intermittent Mining [Zack Voell]

03 Sep 2022

Contributed by Lukas

"Many aspects of the Bitcoin mining industry are poorly understood and often misrepresented. But one practice in this sector stands apart for the mis...

Read_648 - Bitcoin is the Hills [Captain Sidd]

02 Sep 2022

Contributed by Lukas

"A study of the hill tribes of Southeast Asia titled “The Art Of Not Being Governed” provided a fresh take. The author, James C. Scott, posits tha...

Shitcoin Insider #008 - Maximum Maximalism with the Shitcoin Insider

31 Aug 2022

Contributed by Lukas

We have got a great episode of Shitcoin Insider today, we bring the Insider himself back to the show today to discuss what Bitcoin maximalism even mea...

Read_647 - Understanding Decentralization in Bitcoin [Arman the Parman]

30 Aug 2022

Contributed by Lukas

"The answer that matters depends on the context. The context you need to have is that cryptocurrency, i.e. Bitcoin, was invented/discovered initially ...

A Look at the Lightning Network [Lyn Alden]

30 Aug 2022

Contributed by Lukas

"I think too many people in those early years interpreted “e-cash” to mean quick-and-easy payments for everyday goods using the base layer, when a...

Chat_72 - The UnCommunist Manifesto, The Swann Brothers chatting with Mark Moss and Aleks Svetski

27 Aug 2022

Contributed by Lukas

Tearing down the fallacies of the collective, and digging through the principles of liberty and personal responsibility with the one and only Aleks Sv...

Read_646 - A Look at the Lightning Network - Part 3 [Lyn Alden]

24 Aug 2022

Contributed by Lukas

"Back when the iPhone was introduced in 2007, few people thought, “wow this could really disrupt the taxi industry a decade from now.” A few ...

Read_645 - A Look at the Lightning Network - Part 2 [Lyn Alden]

22 Aug 2022

Contributed by Lukas

"But more broadly, one must ask, “at what point would someone want to permanently exchange their self-custodial scarce money (bitcoin) that has a 1....

Read_644 - A Look at the Lightning Network - Part 1 [Lyn Alden]

19 Aug 2022

Contributed by Lukas

"Simple “bubbles” don’t survive through several 70%+ drawdowns over a period lasting thirteen years and counting; it looks more like Metcalfe’...

Read_643 - Bitcoin and the True Meaning of Inflation [Steven Lubka]

18 Aug 2022

Contributed by Lukas

"Today, people use inflation to refer to two separate things, and whenever you hear someone saying inflation it’s not always clear which definition ...

Shitcoin Insider #007 - How Many Degrees Celsius is a Lunatic? with Cory Klippsten

18 Aug 2022

Contributed by Lukas

WE ARE BACK! Were you wondering about everything that happened in the collapse of TerraUSD, the algorithmic stablecoin that got algonniahilated? And h...

Guy's Take #58 - "Rent-Seeking Savers!" Misconceptions in Noahpinion's Crypto Misconceptions

13 Aug 2022

Contributed by Lukas

"I think there are some important economic errors in the stories I see people telling about crypto, on Twitter and elsewhere — errors that have impo...

Read_642 - Losing Your Keys Without Losing Your Coins [Block]

12 Aug 2022

Contributed by Lukas

"These two jobs are almost always in tension. Any added protection to keep a bad actor out adds a risk that it may also trip up the owner, and any new...

Chat_71 - Redesigning the Internet for Fun & for the Revolution, with Mathias Buus and Paolo Ardoino

09 Aug 2022

Contributed by Lukas

Following up on the release of Keet.io and a simple to use, responsive, encrypted, & scalable P2P data sharing protocol in Holepunch, its network ...

Read_641 - Bitcoiners Are Not Utopians [Aleks Svetski]

04 Aug 2022

Contributed by Lukas

"It’s not and never was about equality or perfection. It’s about fairness and consequence. Bitcoin is “Responsibility go Up” technology." - Al...

Chat_70 - Mashing it with Magic Internet Money, Jesse Berger & Jared Nusinoff

02 Aug 2022

Contributed by Lukas

Orange pilling the everyday user with Mash. Combining simple, fast onboarding into the Lightning ecosystem and enabling a unique monetizing experience...

Read_640 - Keet, P2P Encrypted Communications To Integrate Lightning [Namcios]

29 Jul 2022

Contributed by Lukas

"Holepunch makes Hypercore more accessible by abstracting away low-level technical details of the protocol. It takes Hypercore one step further by sim...

What is Money, Anyway? [Lyn Alden]

27 Jul 2022

Contributed by Lukas

"If a money (the most salable good) is easy to create more of, then any rational economic actor would just go out and create more money for herself, d...

Read_639 - How Fedimint Scales Bitcoin Custody [Namcios]

26 Jul 2022

Contributed by Lukas

“Fedi and Fedimint will help put monetary power back into the hands of everyone, everywhere,” said Fedi Inc. co-founder and CEO, Obi Nwosu, in a s...

Read_638 - What is Money Anyway? Part 3 [Lyn Alden]

20 Jul 2022

Contributed by Lukas

"Like any powerful technology, bitcoin can be used for good or ill. As proponents of the technology like to say, bitcoin is “money for enemies” be...

Read_637 - What is Money Anyway? Part 2 [Lyn Alden]

18 Jul 2022

Contributed by Lukas

"To put it into perspective, this international monetary system based around centrally-managed fiat currency is only 16 years older than me. My father...

Read_636 - What is Money Anyway? Part 1 [Lyn Alden]

15 Jul 2022

Contributed by Lukas

"If a money (the most salable good) is easy to create more of, then any rational economic actor would just go out and create more money for herself, d...

Read_635 - 21 Million is Non-Negotiable [Zach_of_Earth]

12 Jul 2022

Contributed by Lukas

"Imposing limitations on monetary goods has always required tremendous amounts of time and energy, and trust. And yet, with all our efforts, we still ...

Read_634 - The Words we Use in Bitcoin [DerGigi]

07 Jul 2022

Contributed by Lukas

"In a world awash in euphemisms and blatant lies, calling something by its proper name is rebellious in itself. Bitcoin is about freedom and self-sove...

Read_633 - The Utility of Saving [Pierre Rochard]

01 Jul 2022

Contributed by Lukas

"People hold money to hedge against future uncertainty. This is why it is so crucial for a monetary system to optimize for minimizing its own uncertai...

Guy's Take #57 - Bitcoin Domino Theory

30 Jun 2022

Contributed by Lukas

What if, sitting in the middle of a chaotic monetary environment, increasing capital controls, balkanizing political regimes, a failing petrodollar he...

Guy's Take #56 - The Cascading Dominoes - Part 1

24 Jun 2022

Contributed by Lukas

I promised, and it's finally here. It's time to get a little perspective, with the price at all time lows, exchanges and lending platforms imploding, ...

Read_632 - Can Governments Stop Bitcoin? [Alex Gladstein]

21 Jun 2022

Contributed by Lukas

"Coding, mining, infrastructure, and markets are all independent, happening in competing jurisdictions and geopolitical rivals, often done by anonymou...

Read_631 - The ECB is Trapped, Here's Why [Lyn Alden]

16 Jun 2022

Contributed by Lukas

"Base money is a liability of the central bank, and it’s used as a reserve asset by commercial banks. Broad money is the liability of commercial ban...

Reboot - Everyone's A Scammer [Michael Goldstein]

14 Jun 2022

Contributed by Lukas

With the markets in chaos, with services halting withdraws, & Everyone's a Scammer" by Michael Goldstein, is one of those works. Another piece th...

Read_630 - Cry Harder [Francis Pouliot]

10 Jun 2022

Contributed by Lukas

"Bitcoin is a lifeboat on the sinking fiat ship. Lifeboats on a sinking ship don’t need a marketing department." - Francis P. As New York puts a ba...

Read_629 - On Impossible Things Before Breakfast [NYDIG]

08 Jun 2022

Contributed by Lukas

"The reverse of that process – a so-called “death spiral” – was inevitable. Any time the immeasurably over-levered global fiat monetary system...

Chat_69 - An Energy Revolution with Nathaniel Harmon

02 Jun 2022

Contributed by Lukas

This episode is partly a follow up from Read_628 on reviving a promising renewable energy technology. Partly a discussion of the incredible economic s...

Read_628 - How Bitcoin Can Unlock the Energy of the Ocean [Level39]

31 May 2022

Contributed by Lukas

"A typical Bitcoin mining operation will spend considerable amounts of time, energy and money cooling their ASIC miners with air conditioning or liqui...

Read_627 - Why and How to Get a Bitcoin Job [Stephan Livera]

26 May 2022

Contributed by Lukas

"Coming off the Bitcoin 2022 conference, you might feel a little down from the high of meeting and spending time with Bitcoiners. I've also found th...

Reboot - Why the Yuppie Elite Dismiss Bitcoin [Croesus]

23 May 2022

Contributed by Lukas

"When I thought about what is the defining difference between the Bitcoin maximalists and my yuppie elite friends, the surface level distinctions that...

Read_626 - Digital Alchemy, A Post-Mortem of the Crypto Crash [Lyn Alden]

19 May 2022

Contributed by Lukas

"Several exchanges in the industry fuel bubbles for a quick buck as well. If something starts to get momentum, including meme coins like DOGE or SHIB ...

Read_625 - The Cascading of Interconnected Risk [Marty Bent]

16 May 2022

Contributed by Lukas

"This created a ticking time bomb with a very short timer. That money was going to "work" in completely artificial markets that were being driven by p...

Guy's Take #55 - On the Economics of CTV Batching, & Where I was Wrong

12 May 2022

Contributed by Lukas

So what exactly did I get wrong in Guy's Take #54, and why? Let's dig back into the economic of CTV and transaction commitments, to clear up what I wa...

Read_624 - Riding the Lightning Network [Sam Callahan]

10 May 2022

Contributed by Lukas

"Despite all of these constraints, the free market finally provided the competition these incumbent banks so desperately needed. Bitcoin and the L...

PSA - Price Be Crashin 2022!

09 May 2022

Contributed by Lukas

Welcome to Bitcoin! For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most ...

Guy's Take #54 - CTV, Blockspace Debt, & TX Grenades

05 May 2022

Contributed by Lukas

[Caveat - A critical piece of the puzzle I lay out in this episode was something I incorrectly understood, which makes this entire thought experiment ...

Read_623 - Response to the Huffman Letter to the EPA [Bitcoin Mining Council]

04 May 2022

Contributed by Lukas

"It is imperative that elected officials in the United States recognize that bitcoin, and the innovation of Proof of Work, is the most important finan...

Guy's Take_53 - Let's Talk CTV

02 May 2022

Contributed by Lukas

Everybody take a deep breath! Right now all the drama on Twitter and the Bitcoin community is all about CTV. What is it? Is this an attack on Bitcoin?...

Read_622 - Silent Payments & Secret Blinding Keys [Shinobi]

28 Apr 2022

Contributed by Lukas

"One issue with Bitcoin’s privacy, the ability to receive funds without giving up valuable information, is addressed with 'silent payments.'" - Shin...

Read_621 - I Finance the Current Thing [Allen Farrington]

26 Apr 2022

Contributed by Lukas

"Even if you knew this was complete and utter bullshit, and that being an agent and not a principal ethically and legally precludes you from pretendin...

Read_620 - Reading of the Transcription of the Recording of the HODL vs DeaterBob "Debate" [Stephen Chow]

21 Apr 2022

Contributed by Lukas

"You’re a thirsty bitch. You like to gargle Peter’s balls." - DeaterBob This is happening and there is nothing I can do about it at this point. E...

Read_619 - Bitcoin Mining & The Gird, Part 1 - Generators [Blake King]

20 Apr 2022

Contributed by Lukas

"Bitcoin miners are unique because of how fast, transparent, and flexible their response can be to pricing fluctuations.  Riot’s Whinstone mining f...

Read_618 - Expanding Functionality in Lightning Implementations [Shinobi]

19 Apr 2022

Contributed by Lukas

"There are still many extensions to build out in the protocol and areas with unsolved scaling issues. In general, the Lightning protocol itself still ...

Read_617 - Announcing Taro, Multi-Asset Bitcoin & Lightning [Ryan Gentry]

14 Apr 2022

Contributed by Lukas

"Taro enables bitcoin to serve as a protocol of value by allowing app developers to integrate assets alongside BTC in apps both on-chain and over Ligh...

Chat_68 - Keysend Maximalism & LNpay with Bootstrap Bandit

11 Apr 2022

Contributed by Lukas

LNpay, LNURL, LNauth, streaming sats, Bolt12, the past and future of Lightning. We dig into tons of great stuff around Lightning and discuss Keysend M...

Read_616 - Current State of Lightning Privacy [Tony]

31 Mar 2022

Contributed by Lukas

"Besides the advantage of near-instant payments, there can be privacy improvements to Lightning as well. Unfortunately, there are scenarios where Ligh...

Guy's Take #52 - Follow up to Read 615 - The State vs Bitcoin

30 Mar 2022

Contributed by Lukas

This episode is because the previous read by Steve Barbour deserved a Guy's Take. Before we change topics to privacy in the episode coming later this ...

Read_615 - The State vs Bitcoin [Steve Barbour]

26 Mar 2022

Contributed by Lukas

"As with freedom and oppression, Bitcoin and State money may exist in a perpetual tug of war between ideals. Where State money relies on compulsory pa...

Read_614 - ...and Then They Fight You [SovrynMindset]

23 Mar 2022

Contributed by Lukas

"Much more to say. This is just a starting point, but I'm interested in Bitcoin for its potential to reorient civilization to an existence rooted in t...

Read_613 - Against the Inevitability of Bitcoin [Ariel Deschapell]

22 Mar 2022

Contributed by Lukas

"...This purpose flounders, however, if their own evangelists and the community at large fails to lay the groundwork and impetus to push ever deeper. ...

Read_612 - Energy Cancelled [Arthur Hayes]

19 Mar 2022

Contributed by Lukas

"On a medium-term basis, it is time to back up the John Deere excavator and scoop up as much gold and Bitcoin as you can afford. This is it, the start...

Read_611 - The Freedom of Value [Dergig]

17 Mar 2022

Contributed by Lukas

"Thus, given enough time and popularity, every movie, every song, and every document will be available to the general public for free. The nature of i...

Read_610 - The Invisible Cost of War - Part 2 [Alex Gladstein]

15 Mar 2022

Contributed by Lukas

"In sum, the U.S. government has shown that — through the GFC, repo spike crisis in 2019 and pandemic crisis in 2020 — it is willing to do anythin...

Read_609 - The Invisible Cost of War - Part 1 [Alex Gladstein]

11 Mar 2022

Contributed by Lukas

"As detailed in Saifedean Ammous’s “The Fiat Standard,” in November 1914 the British government “issued the first war bond, aiming to raise 35...

Read_608 - Want to Stick it to the Elites? Use Bitcoin [Avik Roy]

02 Mar 2022

Contributed by Lukas

"Aspiring Republican politicians and conservative opinionators love talking in darkened tones about the malevolence of elites. And yet, for all the fi...

Read_607 - Implications of Outlawing Bitcoin [Dergigi]

01 Mar 2022

Contributed by Lukas

"If having 12 words in your head is illegal, something is terribly wrong with the law. If the police storm your building because you are finding or cr...

Read_606 - Lightning is a Liquidity Network [Roy Sheinfeld]

24 Feb 2022

Contributed by Lukas

"Only liquid, flowing capital generates a return. Unlike a bank account, capital on Lightning is productive when it is mobile, not at rest. That’s w...

Read_605 - Bitcoin Behind the Veil [Craig Warmke]

23 Feb 2022

Contributed by Lukas

"People tend to favor proposals that would benefit themselves and reject proposals that, at their own expense, would benefit others. If you were wealt...

Read_604 - I Was Wrong, We Need Crypto [David Hansson]

22 Feb 2022

Contributed by Lukas

"Now what's that saying again. Just because you're paranoid doesn't mean they aren't after you. It's starting to smell like that. Just because Bitcoin...

Read_603 - If Russia Invites Bitcoin Adoption, The Global Arms Race Begins [Mike Hobart]

18 Feb 2022

Contributed by Lukas

"The U.S. and its allies are now effectively backed into a series of corners. Can the U.S. attempt to ban Bitcoin and its transactions? It can try, bu...

Read_602 - Bitcoin's Peaceful Revolution, A New Hope for Humanity [Peter St Onge]

14 Feb 2022

Contributed by Lukas

"By taking away their printing presses, Bitcoin stops the creeping totalitarianism that weaponizes our own blood, sweat and tears against us. It stops...

Read_601 - Bitcoin First [Fidelity]

11 Feb 2022

Contributed by Lukas

“Bitcoin as a superior monetary good is more valuable than a better payment network . This leads us to another point as to why we believe bitcoin s...

Read_600 - The Separation of Money and State [Allen Farrington]

08 Feb 2022

Contributed by Lukas

"That is not to say that Bitcoin will lead us to a pacifist utopia in which any attempt at violence suffers metaphysical intervention by the spirit of...

Chat #67 - Pioneer Species with Brandon Quittem

04 Feb 2022

Contributed by Lukas

Today we have an incredible chat as a followup to the recent piece Read_596 - Bitcoin is a Pioneer Species. We have author Brandon Quittem joining us ...

Read_599 - Why Every Fixed Income Investor Should Consider Bitcoin - Part 3 & 4 [Greg Foss]

02 Feb 2022

Contributed by Lukas

“And finally, given its asymmetric return distribution I believe It is more risky to have zero exposure to bitcoin than it is to have a 5% portfolio...