Former Credit Suisse Risk Officer: STRC Will Trade At 4.5% — Here's How Much Capital That Unlocks

Mark Connors spent 40 years in finance — from Salomon Brothers in 1986, sitting behind Michael Lewis as he was writing Liar's Poker, to serving as Global Head of Portfolio and Risk at Credit Suisse. Today through Risk Dimensions, he helps TradFi allocators think through Bitcoin. His conclusion after four decades: there are no levers left to pull, the debt treadmill never stops, and Bitcoin is terra firma. This is one of the most credentialed macro takes on Bitcoin and digital credit we've had on this show. *In this episode:* Why Kevin Warsh won't fix the Fed — and why the SLR repeal is the real story nobody is talking about Why hedge funds are the worst possible holders of US Treasuries in a stress event — and why the Fed knows it Glass-Steagall's repeal: the 20-page document that broke everything How Powell's rate hike campaign sank the banks — and why a risk officer should have seen it coming How Bitcoin clicked for a former chief risk officer who was looking at the debt problem and couldn't find a way out Why a 3% Bitcoin allocation in a 60-40 portfolio increases returns by 35% and reduces downside deviation — and why nobody acts on the data Why preferreds are normally the worst part of the capital structure — and why STRC is the exception Why STRC could trade at 4.5% as Bitcoin mining becomes more decentralized — and what that means for capital inflows Why Wall Street will build digital credit products on top of Bitcoin because it gives them a reason to exist Why AI and Bitcoin are twin disruptors that together offer a path through the fiscal crisis *TIMESTAMPS:* 00:00 Cold Open 00:41 Mark's Story — Salomon Brothers & Liar's Poker 03:41 Kevin Warsh, The Fed & The SLR Repeal 10:22 Hedge Funds, Foreign Demand & Treasury Auction Risk 14:08 Bessent, Short-End Financing & The Debt Treadmill 16:52 Glass-Steagall's Repeal — The Moment Everything Changed 20:00 SVB, Powell's Rate Jihad & Unpriced Risk 29:53 Institutional Adoption of Bitcoin 35:02 Evaluating Digital Credit Strategies 43:07 Sovereign Bitcoin Reserves & The Game Theory 46:56 Resources & Stay Orange  🎙️ Featured Guest: Mark Connors — Founder of Risk Dimensions, former Global Head of Portfolio & Risk at Credit Suisse, former CRO at multiple hedge funds. Follow Mark at   / @markconnors   Substack: The Macro Case For Bitcoin Podcast: The New Barbarians Website: https://riskdimensions.io  🙏 Special Thanks: @hemi_xyz — Activate compliant Bitcoin yield without leaving custody. Follow them at   / @hemi_xyz   and learn more at https://bit.ly/hemiXYZ  🤝 SUPPORT OUR SHOW: BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bit.ly/bitGo COLDCARD is the industry-leading Bitcoin hardware wallet. Secure your Bitcoin at https://bit.ly/coinkiteStore — use referral code 6BT to get 6% off at checkout! Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://bit.ly/archlending XCE Connecting Excellence Group is the UK's listed Bitcoin treasury recruitment company — placing senior talent into Bitcoin companies globally and helping operating businesses build on a Bitcoin standard. Learn more at https://bit.ly/XCEio *🔗 Resources:* 🔔 Follow Bitcoin Treasuries:   / @btctreasuries   🔔 Follow Tyler:   / @tylercompiler   🔔 Subscribe:    / @bitcointreasuriesnet   📊 Track every Bitcoin treasury company at https://bitcointreasuries.net  🎬 About the Show: Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution.  ⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Always do your own research. 🟠 Stay Orange.