TFTC: A Bitcoin Podcast #719: Bitcoin Is Winning Even In A Bear Market with Alex Leishman
25 snips
Feb 23, 2026 
Alex Leishman, CEO and CTO of River, a Bitcoin-focused financial leader driving custody and product innovation. He discusses adoption persisting in a bear market. They cover the Lightning Network’s momentum and measurement. Conversation explores institutional vs individual ownership shifts, AI’s effect on productivity, quantum risk timelines, and River’s dual-money banking roadmap.
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Main Street Businesses Are Buying Bitcoin
- River's custody data shows Bitcoin shifting from individuals to businesses and institutions this year, not just treasury funds.
- Main Street buyers include summer camps, restaurants, construction firms and religious orders using BTC gains for projects.
Why Price Can Fall While Adoption Rises
- Price decline occurs alongside maturation as early whales sell and institutions use BTC as a liquid asset for trading and leverage.
- Alex attributes short-term downward pressure to long-term holders diversifying and institutional balance-sheet activity.
Unexpected Buyers Using Bitcoin For Real Projects
- Alex lists concrete non-financial businesses buying Bitcoin at River to illustrate broad adoption.
- Examples include summer camps, construction companies, restaurants, food manufacturers and a Catholic group funding building projects.