How Bitcoin Is Both a Risk Asset and a Hedge Against Debasement
Charles Schwab’s chief crypto strategist breaks down why traditional finance valuation frameworks, not narratives, are finally taking hold in digital assets.
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Multichain Advisors is an emerging technology growth firm that has helped create over $50 billion in enterprise value for 80+ clients. Services include TGE support, go-to-market strategy, BD, partnerships, capital markets advisory, PR, media placements, and KOL activations.
Visit https://www.multichainadv.com/
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Charles Schwab recently hired Jim Ferraioli to build a dedicated crypto research team, a signal that institutions are moving beyond narrative-driven investing and are taking this asset class seriously.
In this episode, Steven Ehrlich sits down with Jim to explore how traditional finance valuation frameworks apply to crypto. They discuss Bitcoin’s role as a hedge against monetary debasement (not a safe haven), Jim’s cost-of-production model for valuing Bitcoin, and why Ethereum’s dominance in tokenization matters far more than short-term price action.
Most compellingly, Jim argues that today’s Bitcoin prices sit at historical support levels used by the most efficient miners, and that Ethereum’s position as the tokenization standard is nearly unshakeable. If you’ve been waiting for crypto analysis grounded in fundamentals rather than hype, this is the conversation to hear.
Host:
Steven Ehrlich, Head of Research, SharpLink
Guest:
Jim Ferraioli, Director of Digital Currencies Research and Strategy at Charles Schwab
Links:
Charles Schwab & Institutional Crypto Research
Jim Ferraioli | Charles Schwab
CoinDesk:
Liquidity Lifts Bitcoin, but 'Halving Cycle' Fears Could Limit Rally, Says Schwab
Nasdaq:
Top 4 Reasons More Americans Are Investing in Crypto, According to Schwab
Ethereum Tokenization & Real-World Assets
Coindesk:
The Tokenization Boom: Why Ethereum Remains the Rails for RWA Tokenization
Quantum Computing Risk
CoinDesk:
Bitcoin Isn't Under Quantum Threat Yet, but Upgrading Could Take 5-10 Years
How Bitcoin, Ethereum, and Solana Are Preparing for the Quantum Threat
Learn more about your ad choices. Visit megaphone.fm/adchoices
How Bitcoin Is Both a Risk Asset and a Hedge Against Debasement
Charles Schwab’s chief crypto strategist breaks down why traditional finance valuation frameworks, not narratives, are finally taking hold in digital assets.
---
Multichain Advisors is an emerging technology growth firm that has helped create over $50 billion in enterprise value for 80+ clients. Services include TGE support, go-to-market strategy, BD, partnerships, capital markets advisory, PR, media placements, and KOL activations.
Visit https://www.multichainadv.com/
---
Charles Schwab recently hired Jim Ferraioli to build a dedicated crypto research team, a signal that institutions are moving beyond narrative-driven investing and are taking this asset class seriously.
In this episode, Steven Ehrlich sits down with Jim to explore how traditional finance valuation frameworks apply to crypto. They discuss Bitcoin’s role as a hedge against monetary debasement (not a safe haven), Jim’s cost-of-production model for valuing Bitcoin, and why Ethereum’s dominance in tokenization matters far more than short-term price action.
Most compellingly, Jim argues that today’s Bitcoin prices sit at historical support levels used by the most efficient miners, and that Ethereum’s position as the tokenization standard is nearly unshakeable. If you’ve been waiting for crypto analysis grounded in fundamentals rather than hype, this is the conversation to hear.
Host:
Steven Ehrlich, Head of Research, SharpLink
Guest:
Jim Ferraioli, Director of Digital Currencies Research and Strategy at Charles Schwab
Links:
Charles Schwab & Institutional Crypto Research
Jim Ferraioli | Charles Schwab
CoinDesk:
Liquidity Lifts Bitcoin, but 'Halving Cycle' Fears Could Limit Rally, Says Schwab
Nasdaq:
Top 4 Reasons More Americans Are Investing in Crypto, According to Schwab
Ethereum Tokenization & Real-World Assets
Coindesk:
The Tokenization Boom: Why Ethereum Remains the Rails for RWA Tokenization
Quantum Computing Risk
CoinDesk:
Bitcoin Isn't Under Quantum Threat Yet, but Upgrading Could Take 5-10 Years
How Bitcoin, Ethereum, and Solana Are Preparing for the Quantum Threat
Learn more about your ad choices. Visit megaphone.fm/adchoices
The science of fresh starts
To kick off 2026, we’re revisiting our conversation with behavioral scientist Katy Milkman. The Wharton professor and bestselling author of “How to Change” sits down with host Jeff Berman to share proven ways to create positive, lasting changes in our lives and our organizations.
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The science of fresh starts, with change expert Katy Milkman
‘Fresh Starts’ are a powerful tool for making change. So to kick off 2025, Katy Milkman stops by to give us science-backed strategies for reaching our goals. Milkman is a behavioral scientist, Wharton professor, and bestselling author of How to Change. In this episode, she sits down with host Jeff Berman to share proven ways to carry the momentum of positive change in our personal and professional lives beyond January.
Read a transcript of this episode: https://mastersofscale.com
Subscribe to the Masters of Scale weekly newsletter: https://mastersofscale.com/subscribe
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The State of Play: Markets, Economy, and Ukraine
Liz Ann Sonders, the Managing Director and Chief Investment Strategist at Charles Schwab, joins Scott to discuss the state of the markets including several mixed signals she’s paying attention to, signs of a recession, and what investors should be thinking about. Follow Liz Ann on Twitter, @LizAnnSonders.
We open the show by bringing on Ian Bremmer to discuss the state of the war in Ukraine – roughly one year after Russia’s invasion began.
Algebra of Happiness: the best revenge.
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Katy Milkman, Author of How to Change and Host of Choiceology, Part Two
On today's episode, I interview a personal hero of mine in the podcasting world, Katy Milkman. Katy is the host of Choiceology, a podcast about why and how we make the choices we make. Katy also just released a brand new book, How To Change - be sure to check out both of these incredible resources!
Choiceology on Schwab.com
How To Change on Amazon
✨ Sponsor: Voyage
Voyage is a tool built by and for developers. Voyage saves hours of your time by automating staging environments of your full-stack app for each pull request; and it includes feedback tools with each deployment so you don't have to juggle emails, slack messages, and excel spreadsheets from your counterparts.
Set sail with Voyage and save time and headaches with our automated staging environments. Head over to https://voyageapp.io to get started today!
📮 Ask a Question
If you enjoyed this episode and would like me to discuss a question that you have on the show, drop it over at: developertea.com.
🧡 Leave a Review
If you're enjoying the show and want to support the content head over to iTunes and leave a review! It helps other developers discover the show and keep us focused on what matters to you.
(Fixed Audio) Katy Milkman, Author of How to Change and Host of Choiceology, Part One
The previous episode's audio had a bit of a hiccup - this one is fixed. Sorry about that!
On today's episode, I interview a personal hero of mine in the podcasting world, Katy Milkman. Katy is the host of Choiceology, a podcast about why and how we make the choices we make. Katy also just released a brand new book, How To Change - be sure to check out both of these incredible resources!
Choiceology on Schwab.com
How To Change on Amazon
✨ Sponsor: Voyage
Voyage is a tool built by and for developers. Voyage saves hours of your time by automating staging environments of your full-stack app for each pull request; and it includes feedback tools with each deployment so you don't have to juggle emails, slack messages, and excel spreadsheets from your counterparts.
Set sail with Voyage and save time and headaches with our automated staging environments. Head over to https://voyageapp.io to get started today!
📮 Ask a Question
If you enjoyed this episode and would like me to discuss a question that you have on the show, drop it over at: developertea.com.
🧡 Leave a Review
If you're enjoying the show and want to support the content head over to iTunes and leave a review! It helps other developers discover the show and keep us focused on what matters to you.