Leon Wankum wrote one of the first financial economics theses on Bitcoin, in 2015, and he got there through Austrian economics, not a chart. He develops, finances and manages real estate in Germany, and builds Bitcoin strategies for other developers and investors. His book Digital Real Estate is published by Bitcoin Magazine and launches in New York this week.

Real estate has been the world's savings account since 1971, and Leon's argument is that it was never designed for the job. A house is shelter that got handed a second career storing value, which is why it costs what it costs. His own business is the proof: find people with capital, develop the property, manage it, collect the rent. After years of doing exactly that he concluded he was never really in the shelter business at all.

LEON BREAKS DOWN THE DIGITAL REAL ESTATE THESIS

He explains:

- Why he is not in the business of providing shelter, and what he thinks he actually sells

- How a 2015 thesis and a philosophy degree got him into Bitcoin before it was a trade

- Why Strike behaves like a rental property when it trades under par, and where that comparison breaks

- What selling his gold, stocks and ETFs into Bitcoin cost him when the cycle turned

Views expressed by the host & guest(s) are their own and are shared for general informational purposes only. Nothing here should be treated as medical, legal, or financial advice. This is Financial Entertainment.

0:00 Sovereign maxis and suitcoiners unite on SLS

1:53 Meet Leon Wankum, and the Bitcoin thesis he wrote in 2015

3:47 What the Austrian school actually is

6:07 Mises in the Vienna cafes, and the economists who got driven out

12:50 Value is subjective, and what water is worth in the desert

15:49 Money is a store of value first

19:55 Going all in, and what it cost him

22:21 Optionality is worth something

27:40 Could a state have out-mined Bitcoin? The 2015 question

32:13 Property, possession, and the easiest way to save

35:13 Croesus, Saylor, and owning land in Manhattan

36:22 Real estate was never meant to be money

39:02 Is Strike digital real estate?

43:21 What a developer has that a Strike holder doesn't

55:00 The book, and the launch party at PubKey

57:42 Digital credit, and where the monetary power actually sits

1:02:28 New York, September 28 and 29

1:06:55 Parker Lewis next week

New York, the same week:

Bitcoin Treasuries Conference, September 28:

https://bitcointreasuries.net/conference

Use code SECOND for 10% off tickets.

Digital Real Estate book launch at PubKey, September 29:

https://luma.com/pubkey-euq1

Follow Leon:

X: https://x.com/leonwankum

YouTube: https://www.youtube.com/@leonwankum

Newsletter: https://leonwankum.substack.com

Website: https://leonwankum.com

Digital Real Estate: https://store.bitcoinmagazine.com/pages/digital-real-estate-pre-order

Follow Host:

X: https://x.com/benschmidtbtc