The Saylor conversation everyone should hear right now
Michael Saylor on the digital credit debate, plus Ledn news and a must-watch compilation
Hi everyone,
First — I hope you all had a great 4th of July holiday. Second — thank you for your patience. Our weekly Coin Stories newsletter was on pause while my team and I took some time off, but we’re back and I’ve got a lot to share with you.
The last few weeks have been a lot to take in. Range-bound prices, endless AI headlines, a $500 billion capital drain into tech, and a rising tide of criticism aimed at some of the most important people building infrastructure for Bitcoin’s next chapter. There’s a lot of noise. And a lot of it is missing the point.
That’s exactly what my recent conversation with Michael Saylor at BTC Prague was about.
The real story behind the digital credit debate
You’ve probably seen the outrage online — the accusations that Strategy has abandoned Bitcoin’s core principles, the criticism of digital credit, the arguments that this whole thing is some kind of Ponzi. I sat down with Michael to hear him out directly. What he laid out was a fundamentally different framework than what most people are seeing. Strategy isn’t a passive ETF or a static Bitcoin pile. It’s a corporate reserve banking machine, using novel credit structures to continuously raise capital and accumulate more Bitcoin over the long term. Every instrument they’ve built — the preferred equity, the digital credit products, the balance sheet architecture — is designed to do one thing: increase Bitcoin per share over time.
This is one of the most important interviews I’ve done this year. If you’ve been trying to make sense of the criticism, or you want to understand what Strategy is actually building, this is the one to watch.
🎧 Watch my full conversation with Michael Saylor here:
(Again, this one dropped in June — but if you haven’t seen it yet, it’s more relevant than ever given everything happening with digital credit right now.)
A new way to think about using your Bitcoin — plus a major Ledn announcement
I also want to share my conversation with Mauricio Di Bartolomeo, co-founder of Ledn, from that same BTC Prague trip.
Mauricio and I got into something that comes up in almost every Bitcoin household — the tension between wanting to hold every last sat forever and actually using Bitcoin to live your life. He shared a story that stuck with me. A maximalist husband refuses to touch a single sat. His pregnant wife points out they’re squeezed into a one-bedroom apartment and asks him, “Isn’t the whole point of this so we can have a good life?”
Mauricio’s answer is worth hearing. Bitcoin is permissionless, and a Bitcoin-backed loan is just a financial tool. Same as a mortgage. It’s meant to give you a tailwind in the fiat world without forcing you to give up your upside.
He also broke news on the show — tokenized gold is coming to Ledn, with gold-backed loans launching later this year. That means Tether’s physical gold bars vaulted in Switzerland become collateral you can borrow against. And this news comes right after Ledn closed a $188 million asset-backed security bond that earned a BBB- investment-grade rating from S&P — the first of its kind. Bitcoin credit is now being packaged with the same rigor as traditional mortgages, and Wall Street is paying attention.
🎧 Watch my Ledn interview here or wherever you stream your podcasts:
Sign up for Ledn and get .25% off your first loan at https://www/ledn.io/natalie.
Jeff Booth, Whitney Webb, Col. Douglas Macgregor, and Michael Saylor — in one essential 35-minute watch
Finally, if you’re feeling overwhelmed by the macro picture — the noise, the AI headlines, the price action, the criticism — I put something together that I think will help.
We went back through the archives and pulled the most-viewed conversations this show has ever done, and wove them into a single 35-minute compilation. Four of the sharpest minds in macro, security, and technology walking through what’s actually broken, why Bitcoin is the answer, and what everyday people can do about it.
You’ll hear from Jeff Booth, whose framework for deflation completely changed how I think about technology and the economy — he makes the case that the natural state of a free market is falling prices and that fiat inflation is what’s been keeping us all on a treadmill.
You’ll hear from Whitney Webb, one of the most fearless investigative journalists working today, breaking down the systems of institutional power that most people never see and explaining why individual sovereignty matters more now than at any point in modern history.
You’ll hear from Colonel Douglas Macgregor, a decorated combat veteran who’s spent decades inside the U.S. defense and foreign policy machine. His perspective on where America stands geopolitically — and what it means for the dollar — is essential.
And you’ll hear from Michael Saylor making the case for Bitcoin as a once-in-humanity innovation, and why he believes it’s the most important asset any individual, institution, or nation can hold.
Four voices. One clear narrative. Thirty-five minutes.
If you know someone who’s still trying to understand all of this — a family member, a friend who’s asked questions, someone who’s overwhelmed by the noise — this is the piece to send them. It’s the closest thing to a Bitcoin masterclass we’ve ever put together.
🎧 Watch the compilation here:
A quick note from me
I want to say thank you. Truly.
The last few weeks reminded me how much this community means to me — the messages, the DMs, the people at BTC Prague who came up and told me the show has helped them understand Bitcoin, or gifted the book to someone they love. That’s why I do this. And it’s why we’re going to keep pushing to bring you the best conversations, the sharpest analysis, and the most useful breakdowns of what’s actually happening in Bitcoin and macro.
There’s a lot coming soon — new interviews already in the works, some big changes to the show I can’t wait to share, and a few surprises I think you’re going to love. Stay tuned.
If you’re not already subscribed to The News Block — every week we break down the biggest stories in Bitcoin and macro in a way that’s fast, honest, and actually useful. New episodes drop every Monday in your inbox and wherever you listen to podcasts. Subscribe at thenewsblock.substack.com so you never miss a beat.
⚡ The Stack: Tools I Use and Trust
These are the companies that power Coin Stories — and you’ll see why I use them myself!
🏦 Borrow against your Bitcoin without selling it Ledn — The global leader in Bitcoin-backed loans. $10B+ issued since 2018. No credit checks, no monthly payments. 0.25% off your first loan. → ledn.io/natalie
⚡ Send Bitcoin instantly over Lightning Speed Wallet — Low-cost Bitcoin payments and Bitcoin trivia (win up to 1M sats). Code COINSTORIES10 for 5,000 free sats. → speed.app/natalie
⛏️ Fully-managed Bitcoin mining in the U.S with Abundant Mines — You own the miners. You keep 100% of the Bitcoin. Voted #1 mining company by peers. Get 1 month of free hosting → abundantmines.com/Natalie · Watch my episode with the founders
🔐 Self-custody your Bitcoin safely Bitkey by Block — Named to TIME’s Best Inventions of 2024 for Privacy & Security. Code STORIES for 10% off. → bitkey.world/STORIES
🧠 Get 1-on-1 help setting up self-custody The Bitcoin Way — Personal guidance to master your own keys and sleep soundly at night. → thebitcoinway.com/natalie
🏛️ Hold Bitcoin in a tax-advantaged retirement account BitcoinIRA — Buy Bitcoin 24/7 inside a Traditional or Roth IRA. → bitcoinira.com/natalie
🛡️ Also in My Personal Stack
Efani — The most secure mobile service in America. Protects against SIM swaps. Trusted by CEOs and VIPs. → efani.com/natalie
CrowdHealth — I ditched fiat health insurance four years ago and joined CrowdHealth. Discounted plan at my link. → joincrowdhealth.com/natalie
Thanks for subscribing, and if this newsletter resonated, forward it to one person who needs to read it.
— Natalie
Disclaimer: This newsletter is for informational and entertainment purposes only and should not be considered financial, investment, or legal advice. I am not a financial advisor. Always do your own research before making any investment decisions. Information and opinions shared here may change without notice. Some links in this newsletter are affiliate or sponsor links, which means I may earn a commission at no additional cost to you.
Really great show Nat! 💕