🎙️ My guest today is Preston Pysh, engineer, Apache helicopter pilot, partner at Ego Death Capital VC, and co-founder of The Investor’s Podcast Network. Known for co-hosting “Bitcoin Fundamentals” podcast and authoring several books on investing, Preston is one of the most influential voices in the Bitcoin space.
In this episode, Preston shares how his systems-thinking mindset and background in military aviation led him to identify Bitcoin early as a superior store of value. We explore the emergence of Bitcoin treasury companies, how public markets are being rewired from within, and why financial engineering inspired by MicroStrategy’s playbook could unlock asymmetric returns for institutions and retail alike. Preston unpacks the mechanics behind mNAV models, risk-adjusted performance, and why stablecoins could be a threat but also a necessary step in Bitcoin’s adoption curve. He reflects on the spiritual and psychological shifts required to truly “get” Bitcoin, the importance of hope, and the dangers of institutional inertia. This is a conversation about clarity, conviction, and how Bitcoin is remapping the future of capital allocation, gear by gear, company by company.
This episode is also on Twitter, Spotify, Fountain, Rumble and more.
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We talked about:
00:00 Coming Up…
01:33 Intro to Preston & His Influence on Bitcoiners
05:05 Hope & Freedom For Younger Audience
07:58 The Superspreader Phenomena - Bitcoin’s Treasury Companies
09:44 Risk Management & Complex Systems Experience
16:25 Understanding Value in a Financial Landscape
25:48 Corporate Adoption of Bitcoin & Treasury Companies
31:42 How Saylor Built a “Transmission” with Strategy
37:34 The Product: High Yield Income
47:34 Public Markets: The Perfect Landscape
51:26 Treasury Companies: Target for Governments
56:51 The Transitioning Financial Systems: From Fiat to Bitcoin, Via Stablecoins & CBDCs
1:04:32 The Fiat System's Impact: Doom & Gloom Outlook
1:06:21 The Future of Monetary Order by 2030
1:11:05 Will KYC Fade Out? And Link to Taxation
1:14:35 Short Fireside Questions - Books, Focus Areas
1:20:05 The Nature of Good and Evil Forces
1:24:34 What’s Preston’s Role Today & In The Future
My takeaways from this episode:
Preston explains how Bitcoin treasury companies are emerging as “super spreaders” of adoption, using financial engineering to securitize Bitcoin and offer fixed-income products that outperform traditional markets.
He outlines how MicroStrategy (Strategy)’s multi-gear “transmission” model allows it to adapt to tightening and loosening monetary conditions, creating a blueprint for future public companies to accumulate Bitcoin through intelligent capital structuring.
Preston describes how public equities are being stealthily rewired around Bitcoin, with corporate adoption happening not through balance sheet hedges but through purpose-built firms whose product is Bitcoin exposure itself.
Drawing from his background as a systems engineer and Apache helicopter pilot, Preston shares how operating in volatile, high-risk environments shaped his ability to stay calm and committed during Bitcoin’s extreme price swings.
He emphasizes that people who truly understand Bitcoin are often hopeful and future-oriented, and that emotional readiness is more important than technical knowledge for developing deep conviction.
Preston argues that stablecoins are not threats but transitional tools, helping the legacy system increase its “frequency” to match Bitcoin’s efficiency, enabling a smoother handoff between fiat and Bitcoin-based systems.
He believes the rise of tokenized dollars and Bitcoin-backed equities will accelerate mass exposure to Bitcoin, even if most people don’t realize they hold it through ETFs, retirement funds, or fixed-income products.
He warns of the potential risks in Bitcoin treasury strategies, including government nationalization, custody failure, or over-leveraged structures, and explains why sizing and risk-adjusted expectations are critical for investors.
Preston shares his optimism for a future with smaller, more accountable governments, driven by Bitcoin’s deflationary nature and the rise of consumption-based taxation over invasive surveillance-based systems.
The episode closes with Preston reflecting on his evolving role in the space, shifting from educator to operator, and why applying knowledge to real-world capital allocation may be the most impactful work of the next decade.
Eric praises Michael Saylor’s vision, calling him a “supercomputer for a brain” and shares how their friendship evolved into a collaborative force for Bitcoin credibility and adoption
He reflects on Stoic principles, especially the idea that legacy is fleeting, and says real success is improving the lives of people you care about and living with purpose and simplicity
The episode closes with Eric urging listeners to “do the work,” highlighting that true sovereignty comes from understanding Bitcoin deeply and taking responsibility for securing one’s future
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