What Bitcoin Did Bitcoin Is Still Winning | Cory Klippsten
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Jan 20, 2026 Cory Klippsten, a Bitcoin-focused entrepreneur and founder of Swan, sheds light on the evolving crypto landscape. He discusses the structural shifts in Bitcoin adoption and how offshore exchanges are often linked to money laundering. Cory critiques the outdated four-year market cycle narrative and highlights the critical role U.S. tariffs have played in Bitcoin's pricing. He explains the need for self-custody protections and contrasts genuine treasury firms like MicroStrategy with those lacking competitive edges. With sleek insights, he frames Bitcoin as an emerging macro asset.
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Plan For Friction Moving From ETFs To Self-Custody
- Expect friction moving from ETF holdings to self-custody because brokers won't facilitate in-kind redemptions.
- To obtain on-chain Bitcoin, plan for sales, taxes, and separate custody steps rather than ETF in-kind exits.
Signal Over Clicks Wins High-Value Clients
- High-signal education attracts principled, high-value clients rather than mass eyeballs; this enables durable monetization via services.
- Danny Knowles' and Swan's content strategy prioritized truth over attention to build trust with wealthy clients.
Most 'Treasury' Firms Aren't Leveraged Equities
- Most companies labelled 'Bitcoin treasury' aren't competing with leveraged Bitcoin equities like MicroStrategy.
- True LBEs require scale and perennial leverage structures like perpetual preferreds to offer ticker-level leverage.