Recording live from the Bitcoin 2025 conference in Las Vegas, the team is joined by Liam Nelson of Early Riders, a Bitcoin venture firm pioneering Bitcoin as a hurdle rate, to unpack the flood of announcements coming out of the conference. The conversation covers nation-states positioning Bitcoin strategically, corporations launching Bitcoin treasury vehicles, and institutions finally moving from rhetoric to action. The hosts and Liam discuss what separates genuine conviction from optics, how the Trump administration's involvement changes the political calculus, and what the surge of activity means for Bitcoin's long-term price trajectory. The episode also features an exclusive announcement from the Onramp team.