In this episode, Ray Kamrath, Chief Commercial Officer of Bakkt, shares his journey from Wall Street to embracing bitcoin. Starting with a light-hearted recount of riding scooters and breaking his arm in Austin, Ray narrates his first encounter with bitcoin and the concept of sound money. He contrasts gold and bitcoin, explains his decision to join Bakkt, and he explores the potential for an institutional driven bull market. Ray offers insights into political interactions with bitcoin, valuation methods, and a potential monetary reset. The discussion also covers collaborative custody, differentiating bitcoin from other cryptocurrencies, and Bakkt's future trajectory. SUPPORT THE PODCAST: → Subscribe → Leave a review → Share the show out with your friends and family → Send us an email [email protected] TIMESTAMPS: 00:00:00 Introduction 00:01:20 Who is Ray Kamrath? 00:02:38 Riding scooters and breaking arms in Austin 00:03:36 Ray first hearing about bitcoin 00:07:50 Talking about sound money on Wall Street 00:10:37 Gold vs bitcoin 00:11:36 Why join Bakkt? 00:16:15 An institutional-driven bull market 00:22:20 Government and bitcoin 00:24:39 How do you value bitcoin? 00:27:20 Monetary reset–what does it look like? 00:31:30 Which countries will influence the market most? 00:38:30 Collaborative custody and a network of keys 00:42:18 Bitcoin vs crypto 00:45:47 Where is Bakkt in 5 years? 00:47:10 Where is bitcoin in 5 years? 00:48:54 Passive flows, MSTR, and bitcoin 00:50:41 What’s something you believe that most bitcoiners would disagree with? 00:51:47 What’s the biggest risk to bitcoin? 00:53:59 Closing thoughts WHERE TO FOLLOW US: → Unchained Twitter: https://twitter.com/unchainedcom → Unchained Linkedin: https://www.linkedin.com/company/unchainedcom  → Unchained Newsletter: https://unchained.com/newsletter  → Joe Burnett’s Twitter: https://twitter.com/IIICapital → Ray Kamrath’s Twitter: https://x.com/Ray_Kamrath → Bakkt’s Twitter: https://x.com/Bakkt